It's actually a crime in the US not to manage a public company in the interest of the shareholders. (There was a large case which Ford lost establishing the way this is interpreted now which many people argue is why it gets interpreted in such a shortsighted way so often although personally I'm not sure.)
It makes sense, you're disposing of the capital the shareholders own.
Dodge v. Ford Motor Co. was a civil case, not a criminal case. And it was in the Michigan Supreme Court so has no standing in the other 49 states.
And in practice the "business judgement rule" makes it very easy for businesses to do whatever they want as long as they have a vaguely plausible explanation for how it helps the business as a whole. ("We need to buy a private jet for our CEO because he is integral to our growth and success.")
It makes sense, you're disposing of the capital the shareholders own.