Thats a joke, what exactly is he being paid for?Clearly not for...

Thats a joke, what exactly is he being paid for?

Clearly not for proof reading.

The board changes announcement from 31/12/19 states that newly appointed director Matthew Foy has a Bachelor of Commence. I presume they meant Bachelor of Commerce. And the "about" section following the announcements was an old one:

ABOUT PROTEAN ENERGY LIMITED (ASX: POW)
Protean Energy Limited is focused on the commercialisation of the V-KOR vanadium battery energy
storage systems via its Korean joint venture subsidiary, KORID Energy Ltd (KORID).
Protean is also developing a multi‐energy mineral project in South Korea through its 50% holding in
Stonehenge Korea Limited (SHK). SHK is a JV company between Protean and KOSDAQ-listed DST
Co Ltd (DST). SHK owns 100% of the rights to 3 projects in South Korea, including the Company’s
flagship Daejon Vanadium Project.

Stonehenge Korea Limited was renamed Korea Vanadium Limited some time back and 2 of the 3 projects, Miwon and Gwesan, were allowed to lapse during 2019 leaving Korea Vanadium Limited holding just the Daejon Vanadium Project.


According to the 2019 annual report since 1/7/19 there are no executives? Mr Tarratt was appointed as Non-Executive Chairman from 14/6/19, Mr Loxton was appointed as Non-Executive Director from 14/6/19 (later resigned as director from 31/12/19), Mr Wheeler was appointed as Non-Executive Director from 16/5/17, Mr Yu was appointed Non-Exective Director from 1/7/19 (later resigned as director from 31/12/19). Mr Foy was appointed Non-Executive Director from 31/12/19 (clearly to make up the numbers as listed ASX companies must have a minimum of three directors with at least two of them residing in Australia).

So the company has no Managing Director nor a Chief Executive Officer, so who is running the show? Buried in the 2019 Annual Report:

(c) Segment Reporting
Operating segments are reported in a manner that is consistent
with the internal reporting to the chief operating decision maker,
which has been identified by the company as the Board

I guess that explains the considerably low cash burn, there is not much to pay for as there pretty much is no-one there.