The collapse of Enron and WorldCom shook the business world, and uncovered the need for greater corporate governance, compliance regulations and transparency throughout all aspects of company reports. Today's investors and shareholders want more than just basic facts and figures in financial reports. They expect full and transparent details about all aspects of the business, including environmental and social issues which the operation may affect. The drive for transparent reporting has mainly been led by European and American companies. According to the Associated Chartered Certified Accountants (ACCA), Hong Kong companies lag their western counterparts in this area. The ACCA said: 'Only a few reports in Hong Kong are comparable with others on a regional basis, but when compared to the standard on an international scale, businesses are not yet producing reports on a par with leading best practice.' The ACCA has been promoting best practice and transparency in reporting the impact of business activities on sustainable development for more than a decade around the world. It organised the ACCA Hong Kong Awards for Sustainability Reporting in 2003 to acknowledge transparency in local companies. The awards recognise and raise awareness of those that report and disclose environmental, social or full sustainability information. They also highlight corporate transparency issues. The awards held in 2005 attracted interest from various sectors of Hong Kong's business community, and the winners were the Architectural Services Department and MTR Corporation. CLP Holdings and Swire Properties received commendations for their environmental reports.