I would think the only "micro-managey" thing about what you've said is that you run through their AOF, etc. at your regular meetings. Surely it's enough to just have them report back on what they're responsible to you for, and hold them accountable for same?

You do not need to track their projects and next actions as if they're your own - just whatever they're due to deliver directly to you, as well as any significant "check-in" milestones, deliverables, etc. You can track those on your calendar and waiting for list.

At annual review time, it is up to them to have kept track of everything they've accomplished and report accordingly.