Three senior executives were honoured at the annual Women in Capital Markets (WCM) luncheon in Toronto on Thursday for their work in encouraging gender diversity within the financial services sector as well as efforts to promote the business to young women still considering their career options.

The WCM Award for Leadership recognizes both women and men in senior roles who have combined professional excellence with a strong commitment to supporting women in capital markets.

The female recipient of the WCM Award for Leadership was Kirsten Kennedy, managing director, Canada, investor sales, global-fixed income, currencies and commodities at Toronto-based Bank of Montreal’s capital markets arm.

Kennedy, who has been in the finance services sector for 27 years, was acknowledged for her role in spearheading the development of the “Women in Fixed Income” industry forum. This annual event attracts both Canadian and American women in the fixed-income segment of the industry and provides an opportunity to exchange ideas and network with each other. The growth of the event over the past 10 years of its existence has shown Kennedy how the industry has moved forward.

“It started with 20 of us 10 years ago, and now there are more than 100 [professionals] who attend,” Kennedy said. “That’s momentum. It’s incredibly inspiring.”

Mark Wiseman, president and CEO of the Canada Pension Plan Investment Board (CPPIB) in Toronto, was the male recipient of the WCM Leadership Award. Wiseman’s supporters described him as someone who understands that gender diversity is key to success and encourages his employees to consider diversity in building their teams.

The CPPIB’s goal is to ensure that 40% of their new hires in 2015 are women, said Wiseman in a video statement presented at the luncheon. The organization wants that number to rise to 50% in 2020.

“For me, this award is making us all accountable to moving the needle,” he added.

WCM also acknowledges the next generation of industry professionals through its Rising Star Award, which is given to someone who is considered a role model in the workplace and has made a contribution by providing mentorship to young women in the industry.

This year’s Rising Star Award was given to Rachel Megitt, director of Toronto-based Royal Bank of Canada’s capital markets arm, for her leadership role in programs such as “SheBiz,” which is an all-day symposium that helps girls between Grade 9 and Grade 11 learn more about careers in the business.

Although Megitt has noticed more conversation regarding gender diversity in her seven years in the industry, she believes more change is needed.

“Until we are at 50% of every organization and 50% of every leadership table, our work is not done,” she says.

Jennifer Reynolds, president and CEO of WCM, says there has never been more focus from industry executives about the issue of gender diversity, but the lingering assumption that there are not enough women for leadership roles must be ruled out. This starts with firms expanding their recruiting practices in looking for employees, even at the junior level.

“If [women] are not all graduating from [a business school] with a [bachelor of commerce degree], go find some other smart women in another school doing a different degree,” Reynolds says. “We’re 62% of graduates right now. If you’re not hiring women, you’re really limiting yourself to 40% of the talent pool.”