Michael Douglas will receive the Honorary Palme d’Or at this year’s Cannes Film Festival, kicking off Tuesday, May 16 and running through Saturday, May 27 in France.

The 78-year-old actor is being recognized for “his brilliant career as well as his engagement for cinema,” according to the press release.

“It is always a breath of fresh air to be at Cannes, which has long provided a wonderful platform for bold creators, artistic audacities and excellence in storytelling,” the Basic Instinct star said in a statement on Wednesday.

“From my first time here in 1979 for The China Syndrome to my most recent premiere for Behind the Candelabra in 2013, the Festival has always reminded me that magic of cinema is not just in what we see onscreen but in its ability to impact people all around the world. After more than 50 years in the business, it’s an honor to return to the Croisette to open the Festival and embrace our shared global language of film.”

Douglas’ extensive acting credits also include 1984’s Romancing the Stone, Black Rain in 1989, Disclosure in 1994, and his Oscar-winning performance as Gordon Gekko, a greedy New York broker in Oliver Stone’s 1987 film Wall Street.

Douglas’ first effort as a producer, One Flew Over the Cuckoo’s Nest, earned nine Oscar nods in 1975 and best picture.

Previous honorees include Forest Whitaker, Jodie Foster and Bernardo Bertolucci.

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