"To be reviewed and approved"

Does the phrase "to be reviewed and approved by [someone]" indicate that the actor must take the specified actions (i.e., review and approve)?

Taken literally, and in isolation from any context, the phrase does mean that someone is expected to take both actions. Such reading would, of course, normally be absurd in real life because, as TRomano pointed out in a comment 'the power to approve involves the power to withhold approval'. For this literal reading to make sense, we would have to assume that it is accepted by everybody concerned that the 'review' is only an empty formality, and that it is certain that the approval will follow upon it.

It is more likely that someone who says or writes 'to be reviewed and approved' intends it as a compressed version of something like

[This needs] to be reviewed and [if it turns out to meet the relevant criteria] approved.

or perhaps

[This needs] to be reviewed and approved [if we are to proceed to implement it].

Writing in such a condensed way may, perhaps, be inadvisable in a legal document, but it is probably OK for the purposes of a quick communication among the colleagues who know very well what the review involves.