Goodlass Nerolac Paints Ltd and ITC have announced having received the Golden Peacock award for excellence in corporate governance for 2005. The awards have been instituted by the Institute of Directors, New Delhi.

The award jury, under the chairmanship of justice P N Bhagwati, former chief justice of India, selected the companies for the awards among private sector' companies.

The awards will be presented during the inaugural session of the 16th world congress on 'total quality' on January 20, 2006 at New Delhi.