Yes, of course dividends can be waived. You need to sign a waiver which basically says that you are not going to receive the dividend payment. These dividends will then be paid to the remaining shareholders.
It does create tax complications though. In the UK, the tax authorities can challenge the fact that you effectively try to avoid paying tax and the way that dividends are distributed is merely a tax avoidance scheme. In the US, there are certain conditions that need to be met for the income (that you waived) not be taxable. So before you waive any dividends, do some basic research because you might end up not receiving the dividend and paying tax for it!