Innovation is essential for every organization. Yet the relationship between boards and innovation remains unclear. We argue that boards not only monitor, but also provide resources, and innovations require both proper levels of resources (skills) from the board, and appropriate forms of control. In this study, we integrate resource-dependence and agency perspectives to examine how a board’s knowledge and skills (board diversity) and a board’s preference for behavior based controls (board composition) influence the board’s ability to provide resources and design controls, which in turn affect the level of research and development intensity in the firm. Hypotheses are tested using a panel data set of firms in research intensive industries.