conferring of an award; bestowal of a prize
Formal term used in official or ceremonial contexts for granting awards, honors, or prizes. Often appears in compounds like 行賞式 (award ceremony).
An award was conferred for the achievement.
行賞式は来週の金曜日に執り行われる。
The award ceremony will be held next Friday.
conferring honors according to merit
Compound of 行 (conduct, carry out) and 賞 (prize, award). The exact historical derivation is uncertain, but the kanji combination directly suggests 'carrying out an award'.