I came to the conclusion that the buyback was an avenue that the corporation's officers had taken to be able to benefit from their stock options. If they were to exercise their options and sell their shares on the open market, the size of the shares offered would have caused a sharp fall in price. But by having their company buy back their shares would have, in effect, moved the company's money into their own pockets. Had they voted themselves hefty bonuses, shareholders would have protested. You make a good case for monitoring a company's inside sales and offer solid evidence why shareholders should attend the annual meetings to have the opportunity to speak directly to their company.
Stock buybacks are a foolish waste of corporate money.
Corporations get rid of a useful, flexible asset, which can earn interest income, for treasury stock, which is a nothing entry on the books. I guess none. A bigger dividend will increase shareholder value by supporting a market price. I can buy more stock and gradually increase my income each quarter, if I choose. Yes, I am a retiree.