We do tend to jump the gun, don't we?

Supreme Court of Canada confirms directors duties are owed to the Corporation. Nov. 10/ 2004

Fiduciary Duty of Directors
Directors' fiduciary duties are set out in Section 122(1)(a) and require that directors "act honestly and in good faith with a view to the best interests of the corporation." The Court confirmed that directors owe their fiduciary duty solely to the corporation, and not to any particular stakeholder group. The Court also confirmed that directors may take into consideration the interests of the corporation's various stakeholders, provided that they do not disregard entirely the interests of a particular stakeholder group. However, at all times, directors owe their fiduciary obligations to the corporation, and the corporation interests are not to be confused with the interests of the creditors, the shareholders or those of any other stakeholder.

The directors' fiduciary duty to the corporation under the CBCA contrasts with the statutory duty of directors in the U.S. to the corporation's shareholders as a whole.