It's a fantastic idea.

Shareholders, who the Board of Directors claim to be beholden to, would lose everything. The company would get liquidated to the highest buyer. Shareholders would be incentivized to not support crimes or strategies that would lead to corporate execution and Board members would be legally bound and liable if that happened.

It doesn't support industrial concentration. All the company needs to do to avoid executation is to not commit the most egregious crimes. Is that really such a hard ask? No, it isn't.