A filing by the investment bank to the Securities and Exchange Commission (SEC) showed that âseveral demand lettersâ had been
sent calling for changes to be made to the organisationâs compensation methods.
The document said that the letters demanded that âGroup Inc.âs board of directors investigates compensation awards over recent years, [takes] steps to recoup alleged excessive compensation, and [adopts] certain reformsâ.
âAfter considering the demand letters, Group Inc.âs board of directors rejected the demands,â the statement continued.
The filing also revealed that some shareholders had launched a law suit against the bank in December, claiming that the board had neglected its âfiduciary dutiesâ when setting payment levels for 2009.
A number of government agencies have also asked the bank questions relating to the payment processes.
Goldman Sachs explained it is currently cooperating with the agency requests.
Earlier in the month, Lloyd Blankfein, chief executive officer at the bank, received $9 million worth of stock as a bonus for 2009.
By Jim Ottewill