Sir Bill Gammell and Sir Brian Stewart added to their collections of silverware in an awards programme in which Fiona McBain, chief executive of Glasgow-based Scottish Friendly Assurance, won the top gong for women.
Gammell, chief executive of Cairn Energy, was named director of the year for 2006 in the third year of the Institute of Directors (Scotland) annual awards scheme.
The commendation is one of several won by Gammell recently in recognition of his achievement in leading Cairn Energy from relative obscurity into the premier league of oil and gas firms thanks to a series of giant finds in India.
David Watt, IoD Scotland executive director, noted that Gammell, a former Scotland rugby internationalist, remained heavily involved in sport through his work with the Scottish Institute of Sport and the Scottish Institute of Sport Foundation.
"Bill has made an immense contribution to public life in Scotland for which he thoroughly deserves to be commended," said Watt.
Sir Brian Stewart, chairman of Scottish & Newcastle, who will retire as chairman of Standard Life in May, won the chairman's award. The IoD said this was in recognition of his "lifelong contribution to the profession of directorship".
McBain, who has led Scottish Friendly during a period in which it has achieved growth organically and through acquisition, won the Scottish Enterprise female director award.
Graeme Waddell, business director of Rolls Royce, won the regional award for Glasgow and West of Scotland.
Ron Smith, chief executive of Edinburgh Solicitors Property Centre and Glenn Allison, managing director of housebuilder Stewart Milne, won the awards for Edinburgh and Aberdeen respectively.
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