This actually sounds like a workable idea, but the implementation would be extremely thorny (impact on covenants, governance, voting rights, non-listed companies, etc) and take forever to get done. It would also punish everyone equally, even though they clearly do not share equal blame.

You probably want, in addition to your proposal, executive stock-based compensation to be awarded in a different share class, used to finance penalties in such cases where the impact is deemed to be the result of gross negligence at the management level.