Dunedin Mayor Dave Cull made the announcement at the Westpac-Otago Chamber of Commerce OBiz awards in the Dunedin Town Hall.
The Mayor's Award - Business Personality recognised the contribution made by individuals, chamber president Ali Copeman said.
''Over 40 years, Michael has always supported Dunedin businesses and industry. He stayed here, determined to make his career successful ... we wouldn't have NHNZ without his determination,'' she said in an interview.
Mr Stedman was unable to attend the ceremony because of ill health but in supplied notes he said he was both surprised and honoured to be given the award.
''I have, and always have had, a great love and belief in Dunedin - this city has given me a wonderful career and a wonderful life.
''I have had the great fortune to work alongside some of the most creative people in the country, people who can stand tall on any international stage.''
Although he spent time in Australia and commuting to Auckland, Dunedin drew him back.
''My journey with NHNZ was entirely selfish. I knew if I wanted to live here, I had to create a job.''
When he returned to the city, the local television channel had closed, with associated redundancies, Mr Stedman said.
The 20 or so people left were like refugees. But rather than wait for what seemed the inevitable end, they decided, as Kiwis do, to have a go, and a company with a global reach was built.
NHNZ's films now screened in more than 267 countries.
''It is ...one of the most respected and largest documentary producers in the world.''
Mr Stedman said he had been very fortunate. He had lived and worked in the best city in New Zealand and worked with an extraordinarily talented group of people.
''You can't ask for more.''
