ZDNet have an article by Steve Ranger called ‘CIOs must bridge gap between business and tech’. The essential point of the article is that the role of CIO is not technical, it is about business strategy and implementing that in the technical sphere.
The CIO is responsible for the stewardship of technological resources within a defined architectural framework – and then implementing strategic direction (not technical implementation!) to achieve technological goals.
This echoes the discussion CPA Australia was having recently regarding information technology governance. Keep it simple for the board, and break up the tasks in terms a layman can understand: Keeping It Running, Plan It, Manage It, and Build it. At the end of the day, that’s all that’s involved in IT (it’s a lot more complex than that, technically, but business-wise – that’s all that matters.