Well the good news is that we just recently submitted WS-Policy to the W3C on April 13 and it was officially acknowledged as a submission on April 26. The original authors are BEA Systems, IBM, Microsoft, SAP, Sonic Software and VeriSign, and the submission was joined by several other companies including Adobe Systems, CA, Ericsson, Iona Technologies, Layer 7 Technologies, Nokia, Oracle, Ricoh, Systinet, Sun Microsystems, TIBCO Software, WebMethods and WS02. That's a pretty good list of companies to start, and there is lots of common overlap of membership with other working groups and technical committees in both W3C and OASIS.
An overarching problem has been that when people write their specs (i.e. WS-RM) they should be doing a better job of writing policy stuff along with it, and that hasn't been happening yet, partly because WS-Policy was until recently still outside of the standardization process.
This was first published in August 2006