CEOS today are expected to speak up when fundamental human values are threatened. Surveys find that most people expect CEOs today to speak up and participate in broader societal issues that directly or indirectly affect their business and employees. So, the question is no longer "Whether a CEO speaks up," it is a question of "How a CEO speaks up."
You can't be expected to speak up on everything. In picking the issues to speak up on, ask, "Does it align with your company's values and strategy?" and, "How does it impact your business?" Then, ask, "How can you have a meaningful influence on the issue?" "Does your voice matter, or are you adding noise? Are you being consistent, and before you speak up, know yourself internally.
Then, when you embrace a problem, get aligned behind it and actively drive solutions that will make an impact. Do it transparently and in partnership with others. Find allies, and in tackling these challenges, be innovative. It will make your company stronger and team members engaged. Finally, find someone to hold yourself accountable. Today your company is not only selling a service or a product. You are becoming a solution provider.