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Wool Stocktake : AWI Annual Report 2008-09
NOTE 26: Key management personnel disclosures (continued) (iii) Executive pay The executive pay consists of base pay, benefits and superannuation. These are structured at the executives' discretion as a total employment cost package, which may be delivered as a mix of cash and non-cash benefits. The value of non- financial benefits is calculated on the basis of the total cost to the Group, so that the total expense to the Group is no more than it would have been had the Group paid cash salary plus statutory superannuation contributions. Superannuation payments are made in accordance with the Superannuation Guarantee legislation in Australia and per overseas jurisdictions, to the executive's choice of superannuation fund. Australian Wool Innovation Limited does not offer a defined benefits retirement plan. There are no guaranteed pay increases in any senior executive contracts. (iv) Executive Service Agreements Remuneration and other terms of employment for the Executive Management Team are formalised in service agreements. These service agreements state a salary package (which is calculated on a total cost to the Group basis). None of these service agreements include bonus, share options or termination conditions in excess of six months. NOTE 27: Remuneration of auditors During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms: 2008 2008 $ $ Audit fees -- domestic 153,500 102,000 Audit fees -- international 151,317 - Other audit services 53,413 31,500 Total remuneration for audit services 358,230 133,500 Audit-related services Advisory services 27,165 2,000 Taxation services Tax compliance services 74,746 - Total remuneration for non-audit services 101,911 2,000 460,141 135,500 NOTE 28: Contingencies The parent entity and Group had contingent liabilities at 30 June 2009 in respect of potential tax liabilities in two Asian countries. If proven, the majority of the liability pre-dates the acquisition of The Woolmark Company Pty Ltd and therefore would be the responsibility of the former owner, Graziers' Investment Company Limited.
AWI Annual Report 2007-08
AWI Annual Report 2009-10