Complexes of the tetrasodium salt of cobalt(I1)-tetrasulfophthalocyanine and poly(viny1amine) were applied as bifunctional catalysts for the autoxidation of thiols to disulfides. Optical and catalytic experiments gave supporting evidence to the hypothesis, that the isolation of cobalt centers and the catalytic activity can be promoted by increasing the relative amount of polymeric base. It appeared that the specific catalytic activity of the polymeric catalysts depends on the number average degree of polymerization (F,) of the applied polymer samples. In particular at relatively high cobalt content, samples with comparatively low Fn give more protection against aggregation of cobalt sites (i.e. inactivation) and, therefore, effect a higher specific catalytic activity. A statistical calculation, suitable to determine the distribution of cobalt sites over the polymeric coils, supports the interpretation of the experimental data.