There is established an independent workforce board to be known as “the governor’s workforce board Rhode Island,” hereinafter referred to as the “workforce board,” that shall have as its purposes strategic planning, evaluation and coordination of work force development efforts in Rhode Island and support of innovative and state-of-the-practice initiatives and programs for work development. The board shall serve as the state workforce investment board, pursuant to Executive Order 05-18 dated September 22, 2005, in conformity with the requirements of the Federal Workforce Investment Act of 1998, 29 U.S.C. § 2801 et seq., or its successor. The board shall be the principal workforce policy body for the state.