Bermuda-based Bacardi has been named one of the most reputable companies in the world by prestige business magazine Forbes.

The firm, founded in Cuba, but based in Bermuda since the 1960s, was placed 90 out of 100 in the RepTrak listings — a three place jump from the previous year and the highest-ranking spirits company.

Mike Dolan, CEO of the family-owned firm, said: “Bacardi strives for continuous progress and improvements in everything we do.

“It’s very rewarding to see that we are making real strides in corporate governance, innovation, reputation and overall citizenship, with others around the world taking notice.”

The annual survey was carried out by the Reputation Institute and published in the US-based Forbes.

The rankings measure the public reputation of companies using seven criteria and covers 7,000 companies in 25 industries spread across 50 countries, with more than 61,000 interviews carried out.

Reputation Institute CEO Jamie Bedard said: “When people decide whether to buy, recommend or invest in a company, 60 per cent of the decision depends on their perception of the enterprise, compared with 40 per cent depending on the product or service in question.”

He added: “Improving reputation by five points coincides with a 6.3 per cent increase in recommendation and a more than five per cent increase in propensity to buy.”

Bacardi is the largest privately-held spirit’s company in the world, with a 200-strong brand portfolio of wines and spirits which sell in more than 160 countries.