In the context of Hyperledger Fabric's chaincode, the endorsement policy plays a crucial role in defining the organizations that must sign a transaction proposal before it can be considered valid. This policy specifies which members of the network must agree (endorse) a transaction for it to be executed. The policy can require signatures from one or more specific organizations,depending on the chaincode's business logic and the network's governance requirements. This ensures that transactions are agreed upon by the relevant stakeholders, maintaining the integrity and trust within the network.