The role of business in society is rightfully taking a prominent place on the agenda of today's chief executives. Some feel confident speaking out on even the most controversial topics; as a group, however, CEOs can seem reluctant to engage in debates on social and political issues, let alone take a leadership position on them.

As this issue of The McKinsey Quarterly makes plain, it's time for chief executives to lose their reticence and get on the front foot: they have much to add to the discussion, and it's in the strategic interest of their companies, and of business and the global economy more generally, that they should. Social and political forces could alter an industry's structure, damage or enhance a company's reputation, and create market opportunities to address social needs and new consumer preferences. Moreover, chief executives are particularly well positioned to articulate and help resolve the complex trade-offs inherent in big social issues from climate change to health care to poverty. Business, particularly big business, has a vital role in resolving these immense challenges.

Speaking out on controversial issues, however, can make many CEOs uncomfortable. As my colleagues Sheila M. J. Bonini, Lenny T. Mendonca, and Jeremy M....