Uludağ Elektrik is a leading Turkish regulated utility group comprising an electricity distribution company (UEDAŞ), an incumbent electricity retailer (UPESAŞ), and an in-house services and holding company (ULUDAŞ). The Group operates one of Turkey's largest regulated electricity concession areas, serving approximately 3.7 million subscribers across the South Marmara region. Actis acquired the business through its Long Life Infrastructure Fund in 2022. Actis subsequently joined forces with General Atlantic in 2024, creating a platform with approximately $108 billion in combined assets under management.
Millar Cameron supported Uludağ Elektrik in the appointment of a Chair of Audit, Risk & Governance to strengthen Board oversight and support the organisation's continued growth as a private equity-backed infrastructure business.
The position provided independent guidance and challenge across audit, risk management, compliance, governance and technology, while acting as a trusted advisor to both the Board and executive leadership team.
The successful candidate would chair the Audit, Risk & Governance Committee, oversee financial and operational risk matters and provide specialist expertise across regulatory reporting, accounting and governance frameworks.
This was a highly specialised Board appointment requiring a combination of technical accounting expertise, governance experience and utilities sector understanding.
The successful candidate needed to operate effectively at Board level while providing constructive challenge and independent oversight across complex regulatory, financial and operational issues.
The role required:
Significant experience in audit, accounting or financial governance;
Strong technical accounting expertise, including complex regulatory and concession-based environments;
Experience operating at Board or committee level;
Understanding of risk management, compliance and governance frameworks;
Experience within infrastructure, utilities or other regulated industries.;
The ability to interpret and challenge complex financial and operational information.;
Strong stakeholder management and advisory capabilities; and
The credibility and judgement required to support senior executives and Board members.
Success depended on finding an individual capable of balancing technical expertise with sound governance judgement while contributing to the long-term resilience and performance of the organisation.
Millar Cameron successfully supported Uludağ Elektrik in completing this appointment, securing a candidate with extensive audit, governance and Board-level experience, alongside the technical accounting expertise required to support a complex regulated infrastructure business.