Not quite sure which is the best ranking system but it appears the Times Higher Education is the most recognized standard. A standard that has a known algorithm which is transparent such that others can calculate it from readily available public information is ideal. That and the formula includes measures that capture valid outcomes produced by a university, which make a meaningful impact, and are difficult to manipulate (to prevent gaming the system).
Academic Ranking of World Universities (ARWU), also known as Shanghai Ranking, is one of the annual publications of world university rankings, alongside QS World University Rankings and Times Higher Education World University Rankings.
ARWU is often praised for the objectivity, stability and transparency of its methodology, but draws some criticism as it does not adequately adjust for the size of the institution,