The majority of policies are created during a Governance meeting. The exception is if the policy is on a role's domain, then the role filler can update the policy at any time without the need for Governance meeting.
And then select "OK" to the prompt to remove the proposal:
Remove a Policy on a Domain
The role filler would select the policy in question, then select the trash can icon to delete the policy, as in this example.
Then select "OK" when prompted to delete the policy: