On the tab, users, roles and the default user can be given access rights to individual security ownership tags.
Right click on an ownership tag to set the rights for a specific ownership tag.
Default ownership tags
Once ownership tags have been defined, within each user's security profile you'll see the field Give newly-created objects these security ownership tags. 
When this user creates a new setup object, such as an award, that award will be given the ownership tags you select here. (The user can change these tags as appropriate, but it's much more convenient for them to be set to a reasonable value right at the beginning.)
If Use inherited security ownership tags is checked, the tags assigned will be those derived from the user's roles rather than explicitly defined here.