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West Michigan companies make Forbes' Most Trustworthy list

April 12, 2013
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West Michigan companies make Forbes' Most Trustworthy list
Grand Rapids-based Spartan Stores' giant grocery bags appear at stores and events throughout the region. Photo via fb.com

Publicly traded West Michigan companies have been recognized by Forbes on its annual list of America’s 100 Most Trustworthy Companies.

Zeeland office furniture manufacturer Herman Miller (Nasdaq: MLHR) and Grand Rapids grocery distributor and retailer Spartan Stores (Nasdaq: SPTN) made the list, which includes the most transparent and trustworthy businesses that trade on American exchanges. 

Forbes methodology

Forbes uses GMI Ratings, which it said is a pioneer in the application of non-traditional risk measures for financial analysis, to compile the list.

“In order to rank companies from the most to the least trustworthy, we look at over 60 different governance and forensic accounting measures,” said GMI vice chair and chief executive James A. Kaplan. “Those companies that persistently display the most accounting transparency, have the lowest incidence of high-risk events and have appropriate board supervision are typically ranked the highest. Companies on this list reflect these practices.”

This is the sixth year that GMI has helped Forbes compile its list of trustworthy companies. GMI examined more than 8,000 companies traded on U.S. exchanges with a market capitalization of $250 million or higher.

“We are pleased to receive this distinction by Forbes as one of America’s Most Trustworthy Companies,” said Dennis Eidson, Spartan’s president and CEO. “We are committed to being transparent with all of our customers, shareholders and business partners, while continuing to operate the business based on our core principles of honesty and integrity.”

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