I am on the fence about this issue. First, dividends and share buybacks benefit executive management a lot more than they help other stakeholders - qualified dividends being taxed at 15% rather than earned income.
Second, I'm all for businesses dictating pay contracts with their employees, as others have mentioned. For those who have started and grew a business - founders and entrepreneurs - should be exempt from this bill. Once transfer of power has occurred and a non-founding executive takes the helm, the organization should be subject to this bill.
Tech titans have begun discussions on universal basic income as AI an automation take over more and more jobs. This will lead to greater income inequality and basic human needs will go unfulfilled without the universal income. This essentially means, all companies, at some point, will need to contribute a greater portion of their profits to the universal income which makes this almost irrelevant at some point in the future.
Share buybacks are a more recent occurrence in the business world. The preferred method of "returning capital" was in the form of dividend payments. A share buyback is nothing more than a cosmetic cover. In order to benefit from a share buyback a share must be sold by someone and purchased by the company, for the investor, its fundamentally no different than selling your shares.
The S&P 500 companies have been repurchasing shares at a rate of about $500b/yr. If this were paid into the pockets of those who tend to spend all discretionary income, I think we'd see a boost to our GDP, greater top line revenue growth, and a psychological well-being that only comes from feeling like you're apart of something. Profits to the company = profits in your paycheck. An example of this is the TPS reports in Office Space, to paraphrase 'I do another TPS report, I don't see another dime in my paycheck, so where's the incentive to do more than the bare minimum.'