Governance Committee and Full Faculty
We had some luck in using a Wiki to do this, provided someone has the technical chops to set one up. The benefit is multiple people can comment and provide feedback and everyone can see who's said what. The only drawback we had to this system was that everyone commented at the last minute.

The most important and perhaps hardest part is making sure everyone knows what a wiki is and how to use it.  The specific problems we had were things like people printing things out and marking them up, people writing their own pages instead of working collaboratively, and the inevitable whole nuking of pages of work to make a minor change.  Just required being very clear and explicit, with examples.