Contact Information
100 S. Saunders Rd.
Suite 250
Lake Forest, IL 60045

Donald Kalfen


Donald has thirty years of professional experience, including over 25 years advising client’s on a broad range of technical, regulatory and corporate governance matters effecting the design, implementation and administration of executive compensation arrangements. These include accounting standards, tax rules, proxy disclosure requirements, securities exchange listing standards, governance standards and proxy voting guidelines of major institutional shareholders and their advisers, like ISS and Glass Lewis. He advises clients on design issues relating to short-term and long-term incentive plans, severance arrangements, change-in-control agreements, deferred compensation plans, and employment agreements. He serves public companies across all industries and of all sizes.

Donald has been published in many publications and involved in numerous speaking engagements including:

  • Presenter, Developments in Change in Control Severance Practices, NYSE Governance Series, 2015.
  • Donald G. Kalfen and Susan O’Donnell, What the CEO Pay Ratio Means for America’s Community Banks, American Banker, 2015.
  • Webcast Presenter, CEO Pay Ratio – Finding the Median Employee, NYSE Governance Series, 2015.
  • Panelist, The Dodd-Frank Act and Unprecedented Insider Accountability, Seminar jointly sponsored by Morgan Lewis and Meridian, 2015.
  • Donald Kalfen and Bob Romanchek, Grants for New Hires – Saving Shares, NACD, 2016.
  • Donald G. Kalfen, CEO Pay Ratio, Nasdaq Webpage, 2016.
  • Pay Ratio, KnowledgeGroup Webinar, 2017.
  • Pay Ratio panel discussion, Society for Corporate Governance (Chicago Chapter), 2017.
  • Donald Kalfen, CEO Pay Ratio: The Disclosure That Simply Will Not Fade Away, NACD, 2017

He has a BS in Accountancy from the University of Illinois (Urbana-Champaign) and a Juris Doctor (with high honors) from IIT Chicago-Kent College of Law. Donald is also a Certified Public Accountant.

Recent Insights By Donald Kalfen

Glass Lewis Releases the Results of its Inaugural Policy Survey

by Donald Kalfen on November 30, 2023

Client Alerts

For the first time, Glass Lewis recently conducted an annual policy survey. The survey previews potential changes to its proxy voting policies and provides the views of over 550 investors, public corporations and their advisers on a wide range of compensation and governance matters.

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Glass Lewis Updates Proxy Voting Guidelines

by Donald Kalfen on November 27, 2023

Client Alerts

Glass Lewis’s proxy voting guideline updates include new policies on disclosure of reconciliation of non-GAAP performance measures to nearest GAAP measures, clawback provisions and executive share ownership requirements.

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