Fortune Magazine has created a memorable legacy with its compilation of “lists.” From the legendary Fortune 500, which features the top list of the most profitable corporations in the U.S., to its “World’s Most Admired Companies,” it’s an honor to be named on one of the publication’s illustrious lists.

On Thursday, Fortune.com released its top names for the Fortune 40, or its “40 Under 40.” Every year, mavericks and innovators and those deemed “most influential” are included on the list.

“The 40 Under 40 is a measure of power, influence and success in business,” the site writes.

So what makes the Fortune 40 List so great? And what does it take to get on the list? Here are seven things to know about the Fortune 40 List.

1. The first list was published in 1999. According to Fortune, the 40 Under 40 Lists focused on wealth, until the dot-com boom hit in the early aughts.

2. 2016 marks the eighth year of the list as it is known today.

3. This year’s list only features those who have not appeared on a 40 Under 40 list before.

4. The process involves writers, editors and reporters from Fortune. They pick an industry to target and carefully report and research potential candidates. They then draft a master list of candidates before narrowing down the spots.

5. Although it varies, this year there were more than a dozen Fortune staffers who were involved in the selection process.

6. For 2016, it's been a list of finance professionals. Those included Dianne McKeever, who manages activist hedge fund Ides Capital, Brad Katsuyama co-founder and CEO of IEX Group, and Kim Posnett, the global co-head of internet investment banking at Goldman Sachs.

7. In the prior years, Fortune has come under fire for its lack of diversity in its included innovators. Some outlets have noted the percentage of women (or lack thereof) included on the lists (this year there are 16), and others have noted that those from the tech industry are dominating the slots.

Regardless of opinion, the annual ranking presents a fresh collection of people leading the way in their respective industries. See the complete list of this year’s Fortune 40 Under 40 here