Ship2B Ventures has joined the Code of Good Practice for Impact Investment, an initiative led by SpainNAB, the Spanish National Advisory Board for Impact Investment. Through this adherence, Ship2B Ventures reinforces its commitment to integrity, transparency, and coherence in the development of the impact investing ecosystem.
The Code represents a self-regulatory effort born from within the Spanish impact investing community. It responds to the need expressed by investors to establish a shared standard that strengthens market integrity, prevents impact washing, and mobilises capital towards addressing pressing social and environmental challenges that remain underserved.
Its creation is the result of over two years of collaborative work. Initially, a Task Force on Impact Funds, promoted by SpainNAB in partnership with the Esade Center for Social Impact, produced a 2022 Position Paper that laid the conceptual foundations for impact investing in Spain. Building on that work, the principles and recommendations of the Code were developed through a broad participatory process involving the Impact Capital Supply Working Group and the Impact Capital Demand Working Group, both convened by SpainNAB and supported by Gabeiras & Asociados as legal advisor. In total, more than 60 organisations took part in over 10 collaborative sessions to shape the final version.
The resulting document reflects the consensus of the Spanish impact investing ecosystem and is aligned with the definitions and frameworks endorsed by leading European associations such as GSG Impact’s National Partners and Impact Europe, thereby strengthening its legitimacy and fostering European convergence in this field.
A shared framework for trust and coherence
The Code provides a common reference framework for defining, implementing, and communicating impact investing in a rigorous and consistent way. In a context of growing interest in sustainability, it offers clarity and credibility to investors, enterprises, and public institutions by distinguishing genuine impact investments from those that only adopt the language of sustainability.
It also serves as a stepping stone towards a future European standard, helping investors identify authentic impact opportunities and consolidating trust within the ecosystem. The Code is built upon three essential principles that define genuine impact investment.
- Intentionality refers to a clear and demonstrable intention, established prior to investment, to contribute to solving a specific social or environmental challenge.
- Measurement and management of impact require the integration of metrics, methodologies, and continuous learning processes to evaluate and enhance the social and environmental results achieved.
- Additionality highlights the need to invest in companies or organisations whose primary mission is to deliver meaningful solutions to challenges that are otherwise neglected by the market.
From these principles, the Code derives eleven key guidelines covering the entire investment process, from defining the impact thesis to ensuring responsible exits and upholding respect for human rights and the environment.
Read the Code of Good Practice here (Spanish version)
“Apply and explain”: commitment and transparency
The Code adopts an “apply and explain” principle, replacing the more traditional “comply or explain” model. Participation is voluntary, yet it requires genuine commitment. Signatories must demonstrate how they apply the Code’s principles, justify their approach, and communicate progress transparently over time.
This model promotes a culture of accountability and continuous improvement, ensuring that adherence is meaningful rather than symbolic. It also incorporates proportionality and transitional criteria, allowing organisations to implement the principles progressively according to their size, structure, and maturity, without compromising on rigour.
A key tool against impact washing
By setting clear and verifiable standards, the Code serves as a key instrument to combat impact washing. It helps distinguish between authentic impact investments and those that merely adopt impact terminology, thereby strengthening market credibility, building investor confidence, and channelling more capital towards solutions that deliver measurable social and environmental outcomes.
The initiative also positions Spain as a pioneer in the European impact investing landscape, fully aligned with the frameworks developed by Impact Europe and GSG Impact. This alignment is particularly relevant at a time when the European Commission is reviewing regulatory frameworks such as the Sustainable Finance Disclosure Regulation (SFDR) and working towards a unified definition of impact investment across the continent.
The Code thus stands as a pioneering model that may serve as a foundation for future European-level standards or labels, contributing to the credibility and professionalisation of the sector.
By joining the Code, Ship2B Ventures reaffirms its dedication to the highest standards of integrity and transparency, in line with its mission to invest in companies providing innovative solutions to social and environmental challenges. For the broader ecosystem, the Code represents a milestone of collective maturity, a shared framework that unites principles, fosters coherence, and strengthens trust across the market.