In Peoples Department Stores Inc. et al. v. Wise et al., the Supreme Court of Canada had to clarify to whom a director owes its duties. What did the Court hold?

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The Supreme Court of Canada in Peoples Department Stores Inc. v. Wise clarified that a director's fiduciary duty is owed solely to the corporation itself, not to other stakeholders, although a duty of care may extend to other stakeholders beyond the corporation.