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Wool Stocktake : AWI Annual Report 2016-17
NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2017 (CONTINUED) NOTE 21: REMUNERATION OF AUDITORS (CONTINUED) (b) Non-audit services Tax compliance services 97,882 88,024 Advisory services 90,686 69,074 Total remuneration of network firms of PwC Australia 188,568 157,098 Total auditors’ remuneration 462,015 439,710 NOTE 22: COMMITMENTS (i) Research, development and marketing Consolidated 2017 2016 $'000 $'000 Commitments payable in relation to research, development and marketing 15,740 15,310 (ii) Non-cancellable operating leases Consolidated 2017 2016 $'000 $'000 Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows: Within one year 1,978 1,707 Later than one year but not later than five years 4,415 4,969 Later than five years 17 192 6,410 6,868 The group leases various offices under non-cancellable operating leases expiring within two to eight years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. (iii) Forward exchange contracts Consolidated 2017 2016 $'000 $'000 Commitments payable in relation to forward exchange contracts 14,482 12,454 The group treasury policy stipulates the parameters to protect known foreign currency exposures via forward exchange contracts. NOTE 23: RELATED PARTY TRANSACTIONS (a) Parent entities The parent entity of the Group is Australian Wool Innovation Limited. (b) Directors The names of persons who were directors of the company at any time are as follows: W B Merriman, P Cocking, C Garnsey, J Laurie, J Morgan, M L Sheil, and D A A Webster. (c) Subsidiaries Interests in subsidiaries are set out in note 24. 84 FINANCIAL REPORT
AWI Annual Report 2015-16