103 AGL Energy Limited Annual Report 2012 Finance leases primarily relate to the land and property, plant and equipment affixed to that land at the Kiewa and Rubicon hydro electric  schemes. These leases have terms of 60 years and payments are not required under the lease agreements until the year 2028. The consolidated entity has entered into commercial non-cancellable operating leases on certain properties and other plant and equipment.  Leases vary in contract period depending on the asset involved. Renewal terms are included in certain contracts, whereby renewal is at the  option of the specific entity that holds the lease. There are no restrictions placed upon the lessee by entering into these leases. Details of contingent liabilities which Directors consider should be disclosed are set out below. The Directors are of the opinion that  provisions are not required in respect of these matters, as it is either not probable that a future sacrifice of economic benefits will be  required or the amount is not capable of reliable measurement. There are no contingent assets for the consolidated entity. The auditor of AGL Energy Limited is Deloitte Touche Tohmatsu. Contingent assets Note 40 – Contingent liabilities and contingent assets Contingent liabilities 2012  $m 2011  $m Operating leases Non-cancellable operating lease rentals are payable as follows: No longer than one year 15.5  16.9  Longer than one year and not longer than five years  50.2  49.7  Longer than five years  14.5  23.7  80.2  90.3 2012  $’000 2011  $’000 Note 41 – Remuneration of auditors Auditor of the Parent Entity Audit and review of financial reports 1,315  1,253  Other regulatory audit services 44  38  Other assurance services 36  144  New South Wales electricity privatisation due diligence and accounting advice –  1,494  Other accounting advice and services 664  380  2,059  3,309 (a) On 29 June 2012, AGL completed the acquisition of the remaining 67.46% of shares and loan notes issued by Great Energy Alliance  Corporation Pty Ltd (GEAC) that it did not already own. AGL has received external advice that GEAC was not land rich for the purposes  of Section 71 of the Duties Act 2000 (Vic) at the time of the acquisition. Consequently, AGL believes that there should not be any  liability for stamp duty in relation to this acquisition.  (b) The consolidated entity has various contingent liabilities arising in connection with the sale of certain subsidiaries and a jointly controlled  entity. Under the various sale agreements the consolidated entity has given warranties and indemnities in relation to tax related  matters, environmental and other specific liabilities. (c) Certain entities in the consolidated entity are party to various other legal actions and claims which have arisen in the ordinary course of  business. Any liabilities arising from such legal actions and claims are not expected to have a material adverse effect on the  consolidated entity.