I've posted on this before. It can be done, but the effort to do it effectively may be more than it's worth.
In western cultures the harmony to make it work usually just isn't there.
The technique for having a management review can follow the pattern of a Japanese practice known as Ringi.
In Ringi, a document is drafted by a member of management concerning an improvement he wishes to propose. This document is known as a Ringushi. The Ringushi is passed from one manager to another, and each manager makes comments on the Ringushi. The Ringushi circulates until there is concurrence. Once concurrence is reached, if the determination is to go ahead, implementation is instant.
To apply this to management review, collect all the data pertinent to the inputs, and pass them to the management review team, collecting their comments along the way. The last item of the inputs is recommendations for improvement. Once the management review team reaches consensus on the recommendations for improvement and resources needs are determined, management review is complete except for the implementation of the action items. Implementation doesn't take place in conventional management review either.