N-Oxides can amplify the performance of a lanthanum aminobisphenolate catalyst in the ring-opening polymerization (ROP) of rac-β-butyrolactone (rac-BBL) to unprecedented levels (TOF/Pm; At RT: 1900 h-1/0.73, At -30 °C: 200 h-1/0.82). Experiments and computations establish donor electronics control catalyst activity, while donor sterics control catalyst deactivation.