I generally hold meetings monthly, or every other month even though I seem and speak to my manager's regularly. For the most part, I try to focus on Leadership, not necessarily policy, although I always have a few "housekeeping" issues that are brought up for review and discussion. There are some great ideas for Leadership and Team Building just by doing a simple google search. For team building meetings I include the Maintenance Supervisors for the morning and lunch, then use the afternoon for the "housekeeping". Grace Hill also offers some great webinars and games available that I have used. You can also assign homework prior to the meeting, allowing the group to engage and hearing peer thoughts is usually enlightening and powerful when shared.
My meetings usually last the better part of the day (9:30 - 3:00), with variety to keep things moving and people awake.
An example would be starting the morning with one hour of a leadership exercise, inclusive of discussion and input from all about the exercise and their thoughts on if they found it useful or helpful. Throw in a 30 minute Grace Hill game for fun. Spend 30 to 45 minutes discussing homework (this can be as simple as what are your goals for the next 30 days personally or professionally). What are the barriers? Listening is important, afterall, as manager's of people we are problem solvers and our people need to be assured they have our support. Lunch break of about 45 minutes allowing team to relax and enjoy. Then quality time with PM's only, moving to more of a round table discussion format (we literally move to a different sitting area) and reviewing any new roll-outs, any general concerns, information sharing, team-work and whatever else may be on their minds. There never seems to be a rush to leave. Everyone is very engaged.
Last July I actually turned my meeting into an Arts and Crafts day. Maintenance Appreciation month was around the corner and the PM's hadn't given it much thought. I brought poster board, markers, stickers, glue, letters, and every other crafty thing I could find from staples. Each PM had to come up with an incentive program for thier respective community maintenance teams, create thier motivational poster for their team, and a prize was awarded for the most creative poster. They all growled at first, but at the end of the day and many hours later, they all did a great job and nobody had the opportunity to say "I didn't do anything because I didn't have time, or I was too busy". I can tell you the maintenance teams really appreciated the efforts and production was up at the end of the month.
To make a long story short, if that is possible at this point, make the meetings memorable and fun and only review policy or procedures if absolutely necessary. I am not a fan of having a meeting just for the sake of having a meeting. I don't like attending them for that purpose, and I am sure my teams don't either.
Good Luck!