Issue 7: Shareholder Primacy vs. Stakeholder Primacy Background: The Supreme Court of Canada decisions in the two seminal cases of Peoples Department Stores Inc. (Trustee) v. Wise (2004) SCC 461 and BCE Inc. vs. 1976 Debentureholders (2008) SCC 69 collectively turned the foundations of corporate law in Canada on its head. Essentially, these decisions departed from 70 years of legal precedence in Canada (during which shareholder primacy was the dominant legal theory in terms of the question to whom is the fiduciary duty owed in a corporation) and clearly established stakeholder primacy as the prevailing law. This decision has been subject to significant legal criticism based on the allegation that they create significant uncertainty in assessing whether officers and directors have discharged their fiduciary obligations when there are so many potential competing interests to consider under stakeholder theory. The Question: BE IT RESOLVED that the Supreme Court of Canadas decisions in the Peoples and BCE cases was correctly decided and that stakeholder primacy is the appropriate foundation for determining to whom fiduciary obligations are owed in Canada by corporate fiduciaries.