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## 22 Other financial liabilities 

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(i) A liability has been recognised in respect of an obligation by the Group to buy back vested shares in some Perennial Group subsidiaries under certain circumstances. The above liabilities are recorded at fair value. 

Further information about the Group’s exposure to risks arising from other financial liabilities is provided in Note 4 Risk management. 

## 23 Provisions 

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## Directors’ retirement provision 

Directors appointed prior to 13 April 2003 are entitled to participate in a retirement benefits program which provides a cash based benefit to Non-Executive Directors at the time of their retirement from the Board. 

## Onerous contracts 

The provision for onerous contracts represents the value of future lease payments net of anticipated recoveries from third parties, that the Group is presently obligated to make under non-cancellable operating lease contracts. The estimate may vary as a result of changes in the utilisation of the leased premises and sub-lease arrangements where applicable. The unexpired term of these leases is less than 3 months. 

## Other provisions 

Other provisions have been made for the present value of the Directors’ best estimates of legal settlements. The information usually required by AASB 137 Provisions, Contingent Liabilities and Contingent Assets , is not disclosed on the grounds that it can be expected to prejudice the outcome of the litigation. 

