Both, the L3,2 peak maxima/onsets of the CoxB-[0.2]P-O (seed layer + active catalyst) are systematically shifted towards higher binding energies by approximately 1 eV compared to the hydroxide reference indicating partial electron transfer to highly electro-negative adjacent species like B and P. While the peak shape of the nanosheets is similar to that of the Co hydroxide reference with a periodic atomic arrangement, the significantly broadened Co L3 peak of the catalyst indicates strong local variations of the composition and next-neighbor configuration (particularly B/P/O(H)) on the atomic scale and thus varying electronic environments of the active Co species. This is indicative of a change in the ligand field of the active Co catalyst centers. The incorporation of B and P as phosphite creates a unique ligand environment around Co, which leverages the electron-withdrawing and electron-donating properties of both species.