Goldman Sachs Group Inc. said Monday that its board rejected demands from shareholders that the banking company investigate excessive compensation and take steps to recoup some of the awards given to executives.

The company reported in a filing with the Securities and Exchange Commission that it received several letters from shareholders asking the firm to revamp the way it pays out salaries, benefits and compensation. The Goldman Sachs board "rejected the demands," according to the filing.

Goldman said shareholders filed lawsuits in December alleging the board of directors "breached its fiduciary duties" over setting high compensation levels.

In addition to restitution for some of the compensation paid, the complaints seek an order requiring the firm to reform the way it pays employees.

Goldman made the smallest compensation payout relative to revenue in its history as a public company. But it set aside $16.9 billion for compensation and benefits and employees made an average of $500,000 per person.

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