The Code of Best Practices for Impact Investment is a key tool promoted by SpainNAB to reinforce the integrity, transparency, and consistency of the sector. The result of a broad consensus among stakeholders in the ecosystem, this Code establishes a common framework that clearly identifies which investments can be considered truly impactful, protecting the market from impact washing and facilitating the mobilization of capital towards solutions that generate tangible social and environmental value.
This is a voluntary code that follows an “apply and explain” model and in some cases proportionality or transience criteria may be applied.
This Code of Best Practices is based on the three basic characteristics of impact investing and articulates principles and recommendations associated with them.
Impact investing is the practice of investing capital in companies and/or social projects that seek to generate a positive social and/or environmental impact, in addition to obtaining a financial return. This form of investment is based on the belief that private capital can be a driving force for social and environmental good, and that investors can provide innovative and profitable solutions to problems such as poverty, inequality, climate change, and environmental degradation.
By moving from the two variables of risk/return to the three variables of impact/risk/return, we are pursuing a historic change in our economies by incorporating impact into economic and investment decision-making, for the benefit of people and the planet.
Principle 1. Investment thesis
Principle 2. Impact-linked manager compensation
Principle 3. Minimum percentage of portfolio in impact companies
Principle 4. Transparency
Principle 5. Impact measurement and management
Principle 6. Impact management
Principle 7. Performance indicators
Principle 8. Verification
Principle 9. Additionality or contribution of the investee company
Principle 10. Sustainability of impact in divestments
Principle 11. Respect for human rights and the environment
Principle 12. Active engagement—non-financial additionality
Principle 13. Investing in underserved markets—financial additionality
Principle 14. Providing flexible capital—financial additionality
If you manage funds, vehicles, or investment platforms committed to real impact, now is the time to formalize your commitment. Adhering your products to the Code of Best Practices will allow you to:
Align your activity with the most advanced and harmonized principles at the European level.
Increase the confidence of investors, members, and beneficiaries.
Position your proposal as a benchmark for integrity and transparency in a growing market.
To ensure proper monitoring of memberships, we have a Monitoring Committee regulated by a Regulation approved by the SpainNAB Board of Directors.
Complete the membership form and send it to direccion@spainnab.org.
Show your commitment to an investment model that goes beyond financial returns!
The following entities have already adhered to and operate under the principles of the Code of Best Practices:
