Katherine Garret-Cox has won the Veuve Clicquot 'Businesswoman of the Year' award for her "inspirational" leadership of Alliance Trust.

The award judges said the 47-year-old mother of four was "a figurehead for career-minded women", and noted her "continued success and clear demonstration as a standout female role model". The combined assets of the company, adding Alliance Trust Investments to the 127-year-old trust, had doubled in three years to £5.6bn, according to the citation.

But ironically since her nomination for the award, the trust's chief executive since 2008 has had to pacify disgruntled shareholders who backed the campaign by hedge fund Elliott Advisors for boardroom change at Alliance.

Mrs Garrett-Cox, who became one of the City's highest-profile women 20 years ago, has also been under shareholder scrutiny for her £1.3million pay whilst earning only a minimum bonus due to the trust's underperformance.

She commented on the award: "So many exceptional women have been recognised over its 43-year history and I'm proud to shine a light on female success in financial services."

Commentators have mischievously noted that the award has preceded turbulent times for many recipients over the years. Last year's winner Harriet Green, credited with transforming the fortunes of Thomas Cook, stepped down unexpectedly as chief executive in November. The 2006 winner Vivienne Cox found herself out of a job at BP a few months later, as did GoFly leader Barbara Cassani in 2002 and the 1998 winner Sophie Mirman when Sock Shop went into decline.

The only other Scottish winners of the award in its 43 years have been Stagecoach co-founder Ann Gloag in 1990 and Norfrost creator Patricia Grant in 1986.