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At a recent Annual General Meeting of Iskandar Berhad, the company included a statement in its annual report as to the prime objective of the company

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1. At a recent Annual General Meeting of Iskandar Berhad, the company included a statement in its annual report as to the prime objective of the company. That was the “maximization of shareholder wealth”. Following the meeting the Chairman received letters from the shareholders in connection with this statement. The main cause for concern raised by those letters were that the prime objective was not correct. Shareholders were suggesting that the prime objective should be the maximization of profit. Draft a reply for the Chairman of Iskandar Berhad supporting the company’s published objective, which would be sent to each shareholder who had written, together with an appropriate comment on objective that had been suggested by the shareholders.