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NEW YORK -- Forbes named multiple convenience store chains to its annual list of America's 100 Most Trustworthy Companies. Valero Energy Corp., Casey's General Stores Inc. and Spartan Stores appear on this year's list, which recognizes companies that consistently demonstrate transparent and conservative accounting practices and solid corporate governance and management.
GMI Ratings conducted the survey through which Forbes ranked the companies, examining more than 8,000 companies and more than 60 different governance and forensic accounting measures. Companies receive penalties for unusual or excessive executive compensation; high management turnover; substantial insider trading relative to corporate peers; and high levels of short-term executive compensation, according to the report.
San Antonio-based Valero Energy was listed in the large-cap segment of the Most Trustworthy list; Ankeny, Iowa-based Casey's in the mid-cap segment; and Grand Rapids, Mich.-based Spartan Stores in the small-cap segment.
"While good management and transparency do not necessarily mean a business is fundamentally good or is valued appropriately, we think it’s important to recognize that in this environment of negativity, there are companies that do a consistently good job of managing their business," stated GMI Vice Chair and Chief Executive James A. Kaplan.