RJ

I am not saying a company should not increase dividends either. 

What I am saying is that instead of share buybacks, grant special dividends. 

Example, RY just increased its dividend by about 9%. They also announced a share buyback program where they would buy back up to 0.8% of the outstanding common shares.  What I am saying is as a shareholder I might think that money would be better spent as a one time special dividend.  In this case RY could do both.  This allows them to return that excess cash to shareholders without raising the regular dividend to the point it may be unsustainable.