A group that advocates for more women on corporate boards has honored Royal Bank of Canada and KeyCorp (KEY) Chief Executive Beth Mooney for promoting diversity within their ranks. 

The WomenCorporateDirectors Visionary Awards identify companies and executives who are advancing better corporate governance across the globe. When choosing its winners, WCD looks for "leaders who contribute far beyond their balance sheets," says Christie Hefner, co-chair of the Visionary Awards.

WomenCorporateDirectors, a global organization for women on boards with 60 chapters, awarded RBC as its top financial institution for Leadership and Governance of a Public Company. Gordon Nixon, Royal Bank of Canada's president and CEO, will accept the 2014 award in May at the WCD Global Institute dinner on behalf of the Toronto-based bank.

Nixon has also been an advocate for women and minorities helping the bank diversify its workforce.

"RBC has made tremendous progress in diversity and inclusion over the years," Nixon said about receiving the WCD honor. "I have always believed that our people and our most important asset, and talent and leaders come in both genders and in all races and ethnicities. There is always more to be done, and this award will inspire us to reach higher goals."

Mooney, who was named American Banker's most powerful woman in banking in 2013, was honored by WCD with the Visionary Award for Strategic Leadership.

"While the entire financial services industry is undergoing a sea change, I'm proud that Key is being recognized as a leader in corporate governance by doing the right things the right way," Mooney said in a press release.

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