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This question is related to Disclosure of Conflicts, Standard VI(A). Black’s relationship with ATX Corporation must be disclosed in the research report because it could impair Black’s ability to make an unbiased judgment. Under the same standard, the position of ATX in the children’s trust fund must be mentioned because it is beneficial ownership that could reasonably impair Wood’s judgment. Even though Wood is the one writing the report, both potential conflicts need to be disclosed since Black is supervising Wood. The fact Black requires Wood to get her approval, which is congruent with Standard IV(C), is simply a routine firm policy that does not need reporting. It is not required to mention that an analyst does not have the CFA designation