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The Women of Influence Awards recognise New Zealand women who are making a positive difference in the lives of their fellow New Zealanders, by helping the next generation positively shape their future.
Palmer was one of nine finalists in the board and management category, which recognises women working in senior management, or as directors, whose influence extends beyond the confines of their role and incorporates the personal support and mentoring of others in their communities.
New Zealand Rugby chairman Brent Impey said Palmer's contribution to rugby on and off the field had been immense.
''Farah has huge passion for encouraging women and Maori to put themselves forward and achieve at the highest level,'' he said.
''Farah became the first woman to be on the New Zealand Rugby Board in its 124-year history. By promoting herself for the position, Farah had to look through years of 'how it's always been', and encourage greater diversity and a different way of thinking and perspective.
''She is driven, passionate and indeed a woman of influence - her recognition at the Women of Influence Awards is richly deserved.''
Palmer made 35 appearances for the Black Ferns and represented three provinces - Otago, Waikato and Manawatu.
She was inducted in the World Rugby Hall of Fame alongside fellow former Black Fern Anna Richards in 2014.