About
Uludağ Elektrik is a leading Turkish regulated utility group comprising an electricity distribution company (UEDAŞ), an incumbent electricity retailer (UEPAŞ), 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 sought to strengthen its Board-level financial oversight, governance and risk management through the appointment of an experienced Board Advisor to chair its Audit Committee. The role entailed an advisory appointment rather than a legal directorship, providing oversight of Audit, Risk, Compliance, Governance and IT, and required hands-on technical accounting and audit expertise alongside the ability to coach, advise and constructively challenge the executive team.
The challenge
Uludağ Elektrik engaged Millar Cameron to identify a highly experienced professional who could chair its Audit Committee, advise the Board on finance, governance and risk management, and coach and mentor the Chief Executive Officer and Chief Financial Officer.
This brief required a rare combination of technical accounting expertise and industry knowledge. The ideal candidate needed to possess:
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Extensive experience in complex technical accounting, including inflation and concession accounting.
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A strong understanding of electricity distribution and retail power markets.
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Previous experience as an Audit Partner or Non-Executive Director with a Big Four firm.
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The ability to provide independent Board-level advice and mentor senior executives.
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Availability to commit approximately five days per month to the role.
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Fluency in English.
Our approach
Given the complexity of the brief, we began the search with our existing network across the power sector, as well as the Big Four and other leading international firms.
The team conducted thorough research to identify retired Big Four audit partners with the required combination of technical accounting expertise and power-sector experience. This included engaging with current heads of distribution and retail power audit, exploring Big Four alumni networks, and identifying former partners who had worked in the relevant sectors.
The search focused specifically on retired professionals from the Big Four firms, as individuals currently employed by them are unable to undertake Non-Executive roles while still employed.
The outcome
Through a combination of targeted research, industry networking and existing relationships, Millar Cameron delivered a shortlist of five highly qualified candidates. The strength of the shortlist was such that Uludağ Elektrik conveyed that it could have appointed any of the five candidates, although it ultimately selected its preferred candidate.
This assignment demonstrated Millar Cameron’s ability to identify and access senior professionals with a rare combination of technical accounting expertise, power-sector knowledge and Board-level experience.
This project also marked Millar Cameron’s first assignment in Turkey, clearly demonstrating our ability to extend our network into new markets and deliver a successful outcome for a client with specific requirements.
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