When a CEO talks politics, people tend to get nervous — especially when the issues don't seem to directly affect the company.

Yet "some fundamental issues" call for a public stance, even if the subject doesn't obviously or immediately affect a CEO's company, former American Express CEO Ken Chenault told CNBC's "Squawk Box" on Monday. Any threat to democratic institutions or processes in the U.S. can ultimately sow political and economic instability that could have a negative impact on any business, regardless of the sector or industry, he added.

"If you want to build an enduring company, you should care about what happens in our society," said Chenault, who stepped down as American Express CEO in 2018 after 37 years at the financial services giant, including nearly 17 as chief executive. He currently serves as chairman and managing director of venture capital firm General Catalyst.

CEOs shouldn't speak out on every political matter, Chenault said. But those seeking lasting success need "long-term perspective" about any risks and opportunities that could ultimately affect their companies, he suggested.

Business leaders often refrain from speaking out on political issues for fear of alienating customers or their own employees. Some companies have found success weaving politics into their public image — outdoor apparel company Patagonia is among the best known — but taking a publicly political stance is most often met with mixed opinions, according to a 2025 study from a group of Ivy League researchers. On the whole, the average person generally prefers CEOs to stay silent on divisive political issues, the study found.

Yet with American voters heading to the polls on Tuesday, Chenault specifically pointed to the issue of voting rights as one that corporate leaders like himself should publicly acknowledge. As the Republican Party braces to potentially lose national and state-level seats in the midterm elections, President Donald Trump has declined to say he would unconditionally accept the electoral results. Instead, the president has promised to accept the results "if they're honest elections," The Washington Post reported on Oct. 27.

"If, in fact, the upcoming election is threatened and the verdict of the election is not accepted, that is not an issue that I would be quiet [on]," Chenault said, adding: "Nothing is more fundamental than preserving and strengthening our democracy [and] the fundamental right to vote." Political instability can hurt a country's economy, research suggests. One potential path for democratic erosion to harm business: A breakdown of the rule of law can scare off investors looking to deploy capital or build new companies, Princeton University political scientist Layna Mosley found in a July 2023 report published by nonpartisan organizations The Brookings Institution and States United Democracy Center.

As American Express CEO, Chenault weighed in publicly on some political issues that did have an immediate impact on his company. One of his more prominent stances was an acknowledgment of the financial industry's need to adapt and accept additional regulatory oversight following the 2008 financial crisis, for example.

More recently, Chenault has spoken somewhat frequently about the importance of robust voting rights. In March 2021, he and former Merck CEO Ken Frazier called on corporate leaders to push back on political efforts to restrict voting access in the U.S. In particular, Chenault — one of the first few Black CEOs of a Fortune 500 company, upon his appointment at American Express in 2001 — spoke out against policies that voting rights groups have criticized as disproportionately disenfranchising voters of color.

"Corporations have to stand up. There is no middle ground," Chenault told "Squawk Box" on March 31, 2021. "This is about all Americans having the right to vote, but we need to recognize the special history of the denial of the right to vote for Black Americans, and we will not be silent."