As people around the world lose confidence in key institutions, greater responsibility than ever before now rests on the shoulders of businesses and corporations to maintain and restore the level of ethical leadership that engenders trust.

Yes, today, deep and troubling questions about trust are leading to a growing sense of uncertainty and anxiety across nearly every institution -- in some of the most surprising places.

But despite these concerns, a substantial, global survey recently conducted by Edelmen, the Edelman Trust Initiative, found overall that while governments and the media are seen as the least ethical and competent institutions, NGOs and businesses still rate in net positive terms.

It is up to well-functioning corporations, then, to take the lead in leading the 'trust trend'.

Importantly, the survey also found globally that nearly two-thirds of respondents (62%) look towards CEOs "...to manage changes occurring in society, not just those in their own businesses."

In keeping with our shared concern about the critical role that ethics and ethical leadership play in business and society, the William G. McGowan Charitable Fund joined forces with the Society for Human Resource Management (SHRM) three years ago at the initiative of my family's foundation to create the first-ever Ethical Leader of the Year Award, to be presented annually to a Fortune 1000 CEO.

Our fund's namesake, William G. McGowan, embodied ethical leadership in corporate America in the 1970s and1980s when, as founder of the telecommunications company MCI, he took on the established monopolies that were throttling innovation in the industry.

The ensuing break-up of Ma Bell led in large part by William G. McGowan and the Team at MCI opened the door to real competition, free enterprise and the telecommunications revolution that ensued.

It is in his memory that we champion ethical leadership in business today.

The "McGowan Fellows Program" within the Fund is designed to demonstrate to MBA programs how an immersive experience in ethics and ethical leadership could most effectively prepare future business leaders to be truly ethical leaders.

The McGowan Fund's work to strengthen the value-based direction of corporations in our country renews our conviction that American business today needs a true culture of ethics and ethical leadership, now more than ever before.

We have in fact been surprised – and truly concerned – with how slowly MBA and business leadership programs are changing to prepare their graduates to meet the multiple demands of employees, shareholders, and customers for transparency and ethical leadership.

Korn Ferry, the nation's largest search firm, has reported that Search Committees seeking to fill C-Suite positions in corporate America have made a demonstrated commitment to ethics and ethical leadership as a key component for consideration.

Korn Ferry also reports that individuals being sought to fill these C-Suite positions are asking exactly the same questions - "Is this company ethical? Does it operate with a true commitment to ethics and ethical leadership – or not?"

Heads of MBA and business leadership programs should also listen to their students about how important business ethics are to them.

Colorado State University, whose undergraduate Business School has had a longstanding commitment to ethics, offered courses on ethics and ethical leadership in business to all students.

With no promotion and no effort to highlight the course, within a few weeks, 1,000 students had enrolled.

Students clearly want and believe in the importance of ethics and ethical leadership, and they will take extra courses to delve deeper into these issues if offered the opportunity.

Today our nation faces many challenges. One of the most concerning is most certainly the decline in trust which Americans place in all major institutions.

MBA and business leadership programs have a clear opportunity to prepare the next generation of business leaders to be truly ethical leaders: leaders prepared to make the tough decisions, taking into account "the right thing to do," which has consistently been proven to also be "the right business thing to do."

Free enterprise depends on trust, and ethical leadership creates it in a truly deep and lasting way.