West Marine, the largest boating supplies and accessories retailer, announced it was named by Forbes magazine as one of “America’s 100 Most Trustworthy Companies” for the second straight year.
According to Forbes reporter Jacquelyn Smith, the most “transparent and trustworthy businesses that trade on American exchanges” were selected by partnering with GMI Ratings, a global research firm that examines environmental, social and accounting risks affecting public companies. More than 60 governance and accounting measures were examined. West Marine was featured in the small-cap sector, based on accounting transparency, solid management practices and appropriate board supervision.
To qualify for “America’s 100 Most Trustworthy Companies,” corporations had to have a market cap of $250 million or more. GMI Ratings examined more than 8,000 publicly traded companies and assigned an accounting and governance risk score, based on a proprietary model. To be considered for the list, companies must have maintained AGR ratings of “conservative” or “average” for the last four quarters and have a positive forecast for equity returns.
GMI Ratings found that “America’s 100 Most Trustworthy Companies” usually outperformed comparable corporations over the long term.
West Marine has nearly 300 company-operated stores in 38 states, Puerto Rico and Canada and five franchised stores in Turkey.