I've been a bit wary of paying much heed to such lists since a company I worked for entered and won such an award for 'best small company to work for' or some such. When the company were putting the entry together, they wanted all the staff to write some kind of testimonial to include as part of the bid. I'm not exactly saying it was strong arming, but I think people know what side their bread is buttered...would you want your entry to be singled out as inadequately praiseworthy or the one that says 'the company is cool but way too tight'?

I think all they say is 'this company wants to be known as a good place to work' or similar really - though presumably it would be hard for any truly awful company to win it.