When we helped corporatize a state-owned company, we needed to define a regulatory approach that balanced national interest against the corporation’s bottom line. We defined first principles, benchmarked regulatory systems, and engaged the client team. We never considered using a best-in-class approach. Instead, we worked with internal and external experts to build a new regulatory system from the bottom up. To create a regulatory system that could decide the fate of a multi-billion dollar revenue stream and support a company that indirectly accounts for 10 percent of a country’s GDP, was thrilling.