Crerar, who is regarded as a leading figure in the Scottish legal profession, was included in the Birthday Honours List last year for his contribution to “economic and community development” in Scotland.
A co-founder of legal heavyweight Harper Macleod, Crerar is also a professor emeritus of banking law at the University of Glasgow and has undertaken independent reviews for the Scottish Government.
He is currently chairman of Highlands and Islands Enterprise, a role he will depart this month after serving two terms since 2012.
Crerar said: “This has been a truly memorable day and I am honoured to have received a CBE from The Prince of Wales.
“To do so at Buckingham Palace is a tremendous privilege and it is made even more so having been given this award for doing something which I have been passionate about throughout my career – promoting economic and community development.
“Receiving this honour also reflects the efforts of many dedicated people I have worked with in both my business and civic capacities over many years and I am delighted to share this with them.”
For more than 20 years Crerar was also chairman of the Discipline Panels for the SRU, European Rugby Cup and Six Nations, as well as being part of judicial teams at four Rugby World Cups and the 2016 Olympics.