A call to action. (Editorial).

American CEOs are not engaging in the public debate caused by the spectacular series of corporate scandals. They hope greater financial transparency and improved board structures will be sufficient to stem the tide. And perhaps some believe they can rely on lobbyists to halt particularly offensive legislation or regulation.

That strategy is not working, however, and we at Chief Executive don't believe it will. Many voices in government, the cultural establishment, law firms, academia and elsewhere are using the Enrons and Tycos and WorldCams to argue that CEOs as a group are at fault.

One example is Pigs at the Trough by Arianna Huffington, which leads readers to believe that all CEOs are swine. One of the most startling quotes on the back of the book is from historian Arthur Schlesinger Jr. He says the book represents an effort to "rescue capitalism from the CEOs."

Commentary such as this is eroding the ground beneath your feet. Public confidence in CEOs has dropped to just 13 percent, down precipitously from a high of 28 percent at the market peak in 2000. That means support for CEOs has been cut in half, and a whopping 87 percent of the public distrusts you.

Fact is, Americans are largely unaware of the good CEOs do. Lately, all they've seen is chief executives doing the perp walk. The scandals have revealed only a very small minority of CEOs engaged in foul play, yet the public is being led to believe that all CEOs are villains and should therefore be circumscribed in how they manage their companies. If that view prevails, it could represent a sharp change in the role of CEOs in American capitalism.

Already, we are seeing an attack on the power of CEOs to manage their businesses. Wall Street attorney Ira Millstein told a gathering at the Harvard Club in New York recently that one implication of Sarbanes-Oxley is that the board of directors is now "the fulcrum" of decision-making inside a corporation, not the CEO. That means crucial decisions on balancing capital and technology and risk should no longer be in the hands of the CEO. Maybe that's the way lawyers want it, but any CEO who has built a company or saved one from disaster knows that boards can't manage companies.

Some voices even praise the so-called English model, in which the roles of chairman and CEO are always separate, and are calling for U.S. companies to adopt it. But does anyone think the English model has created the same dynamism that American capitalism has?

It is time for CEOs to begin articulating their case. One important message is that they have one of the most demanding, complex jobs in our society. Michael Dell, Bill Gates and Fred Smith, to name a few, built their companies by taking calculated risks and betting their personal lives and financial well-being on the outcome. Think of all the shareholder wealth CEOs such as these have created. Think of the impact they have had on the fabric of American life.

In today's difficult times, it's hard to explain how CEOs have helped create America's wealth. But it must be done. And you must explain that your companies provide:

* Improved quality of life through better products and services. Think of how companies in the pharmaceutical and overall health care industry have helped improve nation's health.

* Benefits to employees. Explain that the decisions you make as CEO affect whether your people can enjoy financial prosperity and look forward to comfortable retirements. Yes, firings and layoffs dominate the news, but tens of millions of other Americans work at companies. That may seem obvious. But it is a message getting lost in the fray.

* Benefits to communities. Explain that cities and regions may depend on your company or your industry. And think of all the prestigious ballets and orchestras that are supported by corporate philanthropy.

Some CEOs have clearly violated the law and some have fallen squarely into the CEO Trap we describe in this month's cover story (see p. 24). But it is time for those of you who are delivering great value to begin communicating that in language the general public understands. All of our futures may depend on it.