In this paper we aim to create a framework for the promotion of innovation through effective board chairpersonship in growth oriented firms. Team production theory is applied to provide a conceptual foundation for understanding the value creating potential of boards within the boundaries of the firm and its operations. Thereafter, we employ a case study approach using empirical data based on interviews with a selection of experienced board chairpersons. Our findings result in a tentative framework that identifies core activities of effective board leadership organized and managed by the chairperson of the board. Interestingly, some dimensions in this context are identified as prerequisites for effective boards, but do not directly promote firm-level innovations. Other dimensions were regarded as core activities contributing directly to the creation of innovation. While the prerequisites for effective boards were related to issues such as structure, processes and culture, the prerequisites for innovation promoting boards were primarily activities related to the cognitive aspects of the board’s work.