In addition to the other powers and duties prescribed by law, the Oklahoma Department of Commerce Board, as created in Section 4 of this act, shall:
1. Prescribe rules and policies for the transaction of its business and the control of the Oklahoma Department of Commerce;
2. Review and approve the strategic plan and the budget, and amend such to make supplemental appropriations;
3. Advise in the appointment and compensation of the Chief Executive Officer;
4. Review and endorse any proposed economic projects with the Legislative Evaluation and Development Committee; and 5. Annually report to the Governor and the Legislature electronically on the operation, activities, and plans of the Department, together with any recommendations for future activities as the Board may deem to be in the best interest of the state.