Camaroni: Responsibility is to the ShareholdersHi Camaroni. I don't want to make a big deal of this but in law a company is not "in play" at all times. So says the Supreme Court of Canada, which the very recent BCE case demonstrates is the ultimate authority in the land. When the Board of Directors decides that its going to sell and seeks out a deal, as was the case in the BCE case, the company is in play. Yes, shareholders own the company but shareholders don't have day to day control. The theory of corporate law is that if the Directors and management act in the best interestsof a company, shareholders will benefit from this. Obviously, this changes when the Company is about to be sold. At that point, the BCE case says (and we are waiting for the courts reasons for its judgement), that only the shareholders count.
cheers