Looking over the Elio Motors website I found some interesting items I hadn't read before. Under the investor section they have a "Corporate Governance" tab which has several topics including "
Code of Business Conduct and Ethics".
https://content.equisolve.net/_6f20.../file/Code+of+Business+Conduct+and+Ethics.pdf
On the first page it has this comment:
II. Conflicts of Interest
You should avoid any position that gives you an interest that conflicts with the Company and any situation
where your acting for the Company could be influenced or appear to be influenced by personal or family
considerations. In dealing with customers, suppliers, competitors and others, you must act entirely in the
Company's interest to the total exclusion of personal advantage. You must notify your immediate superior
or the Company’s chief financial officer in writing immediately of any relationship that could involve a
conflict of interest. The following are some examples of such relationships:
Owning a significant financial interest (one percent or more of a publicly‐held company
or five
percent or more of a privately‐held company) in a customer, supplier or competitor of the
Company.
Any separate, individual relationship with a customer, supplier or competitor of the Company.
An immediate family member who is an employee or consultant for a significant customer or
supplier, or who is a competitor of the Company.
Selling services or products of another person or firm if the Company offers similar services or
products.
Conducting the Company’s business with a family member or a business organization that you
have or your family has an association with.
Accepting gifts with a value in excess of $500 from a customer, supplier, potential supplier or
competitor.
Association with any business or organization that interferes with your ability to devote sufficient
time, attention and efforts to the Company.
Supervising, reviewing or influencing the job evaluation or compensation of a member of your
immediate family who is employed by the Company.
Engaging in any other activity or having any other interest that the Company's Board of Directors
has determined to constitute a conflict of interest.
The Company reserves the right to determine whether or not a conflict of interest exists and the right to
take any action necessary to remove such a conflict of interest.
From what I can see Paul Elio has violated this policy with his Elio Engineering company. If the board of directors has allowed him to do this then they are also at fault for not enforcing policies. I am also intrigued with the web address for this policy (https://content.equisolve.net/...).