This indicates who or what owns the policy settings applied to one policy-resolution record showing where a chassis's inherited policy settings actually come from (a local override versus an org-wide or global policy) -- typically whether the value comes from a local definition, an inherited policy, or UCS Central (the multi-domain policy owner). This matters operationally because a chassis inherited-policy record whose policyOwner is 'policy' rather than 'local' cannot have its settings changed directly at the domain -- an admin has to go edit the org-wide policy or UCS Central definition instead, or their local change will be silently overwritten on the next sync. A value of 'local' means the setting was configured directly in this UCS Manager domain; a value of 'pending-policy' would mean a change is queued from UCS Central but not yet applied.