The International Olympic Committee (IOC) received the Power, Together Award at the Women Leaders' Global Forum for its work in promoting gender balance in sport.
The IOC was presented with the accolade in Reykjavik, at an event co-hosted by Women Political Leaders and the Icelandic Government.
Olympic Agenda 2020 prioritises gender equality and women's involvement in sport, setting a target of 50 per cent female participation in the Olympic Games.
The IOC has been awarded for its work to achieve this target and its promotion of non-discrimination and greater participation by women in sport.
Gender balance was achieved at the 2018 Buenos Aires Youth Olympic Games, with the same expected at the 2020 Lausanne Youth Olympic Games.
It is also expected that 49 per cent of participants at Tokyo 2020 will be female, a record number for the full Olympic Games.
Away from the field of play, the IOC is also said to have worked to bring women into professional sporting roles, especially within its own organisation.
The number of women in IOC Commissions increased to 42 per cent in 2018, a 98 per cent increase since 2013.
Marisol Casado, an IOC member and chair of the IOC's Gender Equality Review Project Working Group, accepted the award on behalf of the IOC.
"The Award recognises the efforts of the IOC to forge a new path in advancing gender equality within the sporting arena and beyond," the International Triathlon Union President said.
"Positive steps have been seen on the field, with the Youth Olympic Games organised in Buenos Aires in October this year being the first fully gender-balanced Olympic event ever.
"I'm proud of the actions taken so far, thanks also to the significant contribution of the National Olympic Committees and International Federations, and look forward to implementing further recommendations as a part of the IOC Gender Equality Review Project."
The African Women Leaders Network and the #MeToo Movement were also recipients of the award.