Forbes Ranks Timken Among 100 Most Trustworthy Companies
04/14/2009 - Forbes magazine names Timken one of “The 100 Most Trustworthy Companies,” in its annual study based on corporate accounting, governance and management practices.
The Timken Co. has been named one of “The 100 Most Trustworthy Companies,” in an annual study published by Forbes magazine. Candidates for the list were evaluated based on corporate accounting, governance and management practices by Audit Integrity, an independent financial and governance review organization.
To compile its ranking each year, the firm analyzes 12,000 companies listed on American stock exchanges and assigns each an accounting and governance risk (AGR) score using a proprietary process to evaluate financial reporting, transparency, fiscal policies, compensation, management behaviors, liabilities and risk indicators. In an article on the results of the Audit Integrity study, Forbes noted, “These companies do not play games with revenue and expense recognition, or with asset valuation.”
Well known for conservative management and foundational values stressing ethics and integrity, the 110-year-old Timken received high marks for its practices, placing in the 95th percentile of the 100 Most Trustworthy Companies with an average AGR score of 81 for the year, and 85 in the fourth quarter of 2008. The highest AGR score achieved was 88.
“We are honored that Forbes and Audit Integrity have acknowledged Timken as a company that is truly worthy of public trust,” said Timken President and CEO James Griffith. “This is a great credit to our company’s associates, especially at a time like this, when we are doing what we must for a difficult environment — managing within our means, making sacrifices, preserving a strong balance sheet and liquidity, and executing for the long term.”
Timken supplies innovative friction management and power transmission products and services. Its approximately 25,000 employees generated sales of $5.7 billion in 2008 from its operations in 26 countries.
