FILE - In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. Goldman Sachs Group's board is taking steps to slash its top executives' 2018 compensation, depending upon the outcome of investigations into the investment bank's role in the ransacking of a multibillion-dollar Malaysian state investment fund. (AP Photo/Richard Drew, File)

Goldman Sachs Group's board is taking steps to slash its top executives' 2018 compensation, depending on the outcome of investigations into the investment bank's role in the ransacking of a multibillion-dollar Malaysian state investment fund.

In a filing with the Securities and Exchange Commission late Friday, Goldman said the board can reduce the size of 2018 stock-based awards granted to its senior executives if it determines that the results of the investigation into the Malaysian fund scandal would have prompted Goldman's compensation committee to reduce its top executives' stock awards.

Such a scenario could affect CEO David Solomon and Chairman and former CEO Lloyd Blankfein, who are slated to receive $15.4 million and $14.3 million in restricted stock, respectively, as part of their compensation for 2018.

The scandal centres on the 1Malaysia Development Berhad, or 1MDB, fund, which was set up for economic development by former Malaysian Prime Minister Najib Razak when he took office in 2009. It instead accumulated billions in debt and is being investigated in the U.S. and several other countries. The scandal helped precipitate Najib's ouster in a historic election defeat last May.

Solomon apologized last month to the Malaysian people for former Goldman banker Tim Leissner's role in arranging bond sales for 1MDB. The CEO has said that Goldman conducted due diligence but was misled by Leissner and former Malaysian government officials.

The new government in Malaysia has filed criminal charges against Goldman Sachs, Leissner and another former executive, Roger Ng Chong Hwa.

Malaysia's Attorney General Tommy Thomas has said $2.7 billion was stolen from three bond sales organized by Goldman subsidiaries and that the investment bank received $600 million in fees, several times industry norms, for organizing the deals.

The government is seeking several billion dollars in fines from Goldman for violations of securities laws involving making false and misleading statements to investors.

Goldman Sachs denied any wrongdoing in response to Malaysia's criminal charges.

Shares in the New York investment bank declined 0.7 per cent to $196.54 Friday. The stock is up 17.7 per cent this year.

News from © The Associated Press, 2019