In the answer key, for the achievement of corporate objectives, it is stated that the lowest return shareholders have received was 21%. Where did this figure come from ?
The examiner has made a mistake. As he writes in his answer, the total shareholder return compares the sum of the the dividend received and the capital gain with the opening share price. The correct returns are: 2008 – 57%; 2007 – 82%; 2006 – 36%