This identifies who or what owns this fault policy's configuration - typically local versus a value indicating it's managed by UCS Central. An admin trying to edit a fault policy that keeps reverting checks this field to learn whether the policy is actually centrally managed by UCS Central, which would mean local edits get overwritten and the change needs to be made centrally instead. A policy owner value other than local would explain to the admin why their local edits to retention interval or clear action kept getting reset.