Ralph Stewart, a former chief executive of the Accident Compensation Corporation and AXA New Zealand, has been appointed as a new professional director of the Police Welfare Fund and its subsidiaries.

The Police Association represents more than 11,000 currently serving constabulary and police employees. Police Welfare Fund Ltd is part of the association, serving the interests of its members, who are current and former police and their families, including through operating one of NZ’s largest private health plans, looking after the health of some 33,000 members. 

Recently AIA won the tender to run the fund's life insurance business. In addition, the welfare fund maintains a large holiday accommodation network nationwide, and provides a variety of services, including a range of insurance and financial products to members. 

Stewart will also serve on the subsidiary boards governing the health plan, insurances, and mortgages businesses.

"(Stewart's) appointment as a professional independent director will give the Police Welfare Fund and its members the benefit of his expertise,” Police Association President Greg O’Connor.

Stewart is currently managing director of New Zealand Income Guarantee, a company that offers financial services to retirees. He has worked in the financial services industry for 29 years, including 14 months at ACC and seven years as chief executive of AXA New Zealand.  His past directorships include serving on the boards of AMP Superannuation, National Mutual Corporate Superannuation, Spicers Portfolio Management, Fintel Ltd, and the Financial Services Federation. 

His appointment to the Police Welfare Fund board fills a professional director vacancy left by the late Roger Garrett, who died in June.