[tidon12]

I find these restrictions relatively frustrating because they push governments into an adversarial relationship with shareholders in a way that is unnecessary.

We may not like it much, but government equity purchases are a much more aligned way to pursue a bailout. World governments (and by proxy taxpayers) should be gaining ownership or preferred rights in these deals. Then shareholders could be free to do whatever ridiculous dividend / buyback policy they want. Putting time limited bans on corporate payouts doesn't fix the incentives that lead to high payout rates in the first place. Shareholders losing 80% of their equity in a bailout would.