The couple were presented to the Chancellor, Belinda Hutchinson AM, by the Dean of the University of Sydney Business School, Professor Greg Whitwell.
Citations recommending Honorary Fellowships for Mr and Mrs Sukkar made specific reference to their support for the University Football Club.
Mr Sukkar's citation, which was read by the Vice-Chancellor, Dr Michael Spence AC, also commended his contribution to the University's capital works development through his membership of the Building and Estates Committee.
Mrs Sukkar's citation recognised her "significant work both professionally and personally to increased opportunities for women in leadership".
Mrs Sukkar currently serves on a number of charitable and not for profit boards, including the Parramatta Park Trust, Opera Australia, the Australian Museum, Property Council of Australia, Centenary Institute of Medical Research, Buildcorp Foundation and the Australian Rugby Foundation.
Mrs Sukkar is also President of Australian Women's Rugby and through Buildcorp has been a major sponsor of rugby in Australia for nearly 30 years. The citation pointed out that in this role, she has been able to "change the landscape for women in rugby across the nation".
"Through Buildcorp, Josephine has worked to address the underrepresentation of women in rugby through her advocacy, and by becoming the naming rights sponsor of the Australian Women's 15s rugby team, the Wallaroos, and the naming rights sponsor of the national women's rugby competition, the Super W," said the citation.
Buildcorp, which was founded by the Sukkars in 1990 and now has a staff of 330 people and revenues of more than $500 million, remains a major sponsor of the University of Sydney Rugby Club.
According to the citation, uppermost in mind for Mr Sukkar and formalised within Buildcorp's company values, is "a commitment to building productive and long-term relationships with local community, arts and sporting organisations and their people, with focus given to advocating for and enacting material advancements in gender equity both in the workforce and on the sporting field".