Chair of Audit, Risk & Governance

Uludağ Elektrik is a leading Turkish regulated utility group comprising an electricity distribution company (UEDAS), an incumbent electricity retailer (UPESAS), and an in-house service and holding company (ULUG). The Group holds an exclusive licensed concession to distribute and retail electricity across four provinces in the South Marmara region — Bursa, Balıkesir, Çanakkale and Yalova — serving approximately 3.7 million subscribers across a population of 5.4 million.

Uludağ Elektrik was formed in 2010 following privatisation of the Turkish distribution sector and acquired in March 2022 by Actis through its Long Life Infrastructure Fund — a vehicle targeting operating infrastructure assets with stable, yield-oriented returns over a 10+ year horizon. In 2024, Actis joined forces with General Atlantic, creating a platform with approximately $108 billion in combined assets under management.

About the role

The Chair of Audit position is an advisory appointment (rather than a legal Director) and provides oversight of Audit, Risk, Compliance, Governance and IT. The role requires hands-on technical accounting/audit expertise and the ability to coach, advise and provide constructive challenge to the Uludağ Elektrik executive team.

Key responsibilities

• Chair Audit, Risk & Governance (ARG) Committee meetings: set agendas, lead discussions, ensure rigorous challenge, secure clear decisions and follow-through on actions.
• Oversight of external and internal audit activities: comment on consolidated and subsidiary accounts, review audit plans, scope and findings, management responses, auditor quality and independence; ensure robust resolution of significant issues.
• Technical accounting stewardship: provide specialist review and guidance on complex accounting matters including inflation accounting, concession accounting, regulatory reporting, asset valuation, impairment and revenue recognition.
• Risk & compliance oversight: evaluate, continuously develop and encourage the use of enterprise risk management frameworks, material risk registers, control effectiveness, and remediation plans; ensure regulatory and statutory compliance (industry specific and financial reporting).
• IT & cyber assurance: Chair the IT steering committee and identify IT weaknesses, advise Board on issues such as IT controls, cyber resilience, data governance and the quality of external advisors and service providers.
• Laws and regulation: Evaluate separation of regulated and unregulated businesses, monitor regulatory audits. Advise GC on anti-bribery and corruption matters, monitor whistler line, support investigations.
• Executive advisory & mentoring: act as trusted advisor, mentor and sounding board to the Board, CEO, CFO, General Counsel, Head of Internal Audit and other senior leaders on financial, control, regulatory and governance matters.
• Follow-up and escalation: monitor implementation of committee decisions and corrective actions; escalate unresolved material issues to the Board.
• Continuous improvement: contribute insight on best practice in audit, risk and governance, and identify opportunities to add value beyond core remit.

Skills and experience

Candidates for this appointment are likely to be former Audit Partners within the Big 4 or other leading international audit firms. They will bring strong technical accounting expertise, particularly in concession and inflation accounting, and knowledge of the utilities sector. It is also possible that the Chair of Audit has experience as the CFO of a complex energy supply business as long as they retain deep technical accounting knowledge.

Candidates will exhibit the following, qualifications, experience and approach:

• A qualified accountant with substantial audit experience (ACA, ACCA, CPA or equivalent) and extensive, demonstrable experience in technical accounting and external/internal audit.
• Knowledge of electricity distribution and supply sector accounting, regulation and commercial models or demonstrable experience with infrastructure, regulated utilities or concession-type arrangements.
• Specific experience with inflation accounting, concession accounting (or PPP-style arrangements), regulatory revenue frameworks and asset accounting.
• Proven track record as a Chair of an audit and risk subcommittee (or equivalent senior committee chair experience) with ability to set agendas, facilitate robust debate, challenge management, and drive actions to conclusion.
• Strong IT assurance and cyber risk understanding relevant to the sector; experience assessing  outsourced service providers and system controls.
• Credible mentor and advisor with experience of coaching C-suite and internal audit teams; comfortable providing frank, constructive feedback.
• Exceptional integrity, independence of judgement, attention to detail and commitment to high standards of governance and ethics.
• Excellent communication and interpersonal skills; able to present complex technical issues clearly to non-technical directors and stakeholders.
• Availability to commit to time requirements (see below) and able to travel to face-to-face meetings.

Don’t meet every single requirement? Research shows that individuals from underrepresented groups are less likely to apply for roles unless they meet every listed qualification. At Millar Cameron, we are committed to supporting our clients in building diverse and inclusive teams. If you’re enthusiastic about this role but don’t meet every requirement, we still encourage you to apply - you could be exactly what our client is looking for, either for this position or another.

Please note that due to the high volume of applications we receive, we are only able to respond to candidates who are shortlisted for the next stage of the process. We sincerely appreciate your interest and the time taken to apply.

Since 2007 Millar Cameron has specialised in sourcing leadership and keyperson talent across a number of industries, including agribusiness, international development, industrial, consumer, financial and professional services, private equity, and technology, media and telecommunications. Our mission and purpose is to positively contribute to the development of Africa, and other emerging markets, through the provision of people.