This paper explores the evolution of Dutch business ethics, emphasizing its interdisciplinary openness and practical engagement with both academia and industry. Despite its growth and integration into mainstream discourse, Dutch business ethics faces challenges including economization, juridification, scientification, and politicization. These risks threaten to reduce ethics to compliance, empirical data, or political agendas. The paper advocates for a critical reassessment of the field to address these issues and redefine its role. Ultimately, while Dutch business ethics has gained influence, it remains a ‘soft institution’ with both impact and limitations.