The emerging markets undergo constant transformations and changes, and thus, a change of strategy can be critical for companies. However, the impact of R&D investment on firm performance and the role of the board of directors that makes decisions about a company's innovative activities remain inconclusive. This paper investigates the relationship between a board of directors' composition and structure in innovative companies and firm performance. Using the panel data of innovative Russian public companies that made R&D investments in 2011-2013, we found a positive relationship between the boards' independence and ROA as an indicator of firm performance. Moreover, it was shown that innovative companies that establish a strategy committee will on average have a higher ROA ratio than innovative companies without such a committee. Innovative firms in emerging markets might consider creating strategic committees and increasing board independence to enhance their performance and increase the number of successful R&D investments.