to be in someone's good graces; to enjoy someone's favor and trust
Fixed expression used when a subordinate is highly regarded and trusted by a superior. Often carries a slightly ironic or old-fashioned tone in modern Japanese.
See also: 覚えがめでたい
He is in the president's good graces and is entrusted with important work.
That man seems to stand high in his boss's favor.
From 御 (honorific prefix) + 覚え (being remembered, favor) + が + めでたい (auspicious, favorable). The exact historical derivation is uncertain, but it is a fixed phrase meaning to be in someone's good graces.