Common meaning:

Having the skills and knowledge to complete a task or job.

Hidden meaning of the Equity religion: 

An excuse used by dominant groups to maintain power.

Discussion:

The Equityists consider the idea of an individual being competent to be ridiculous. Competency is an excuse used by dominant groups to maintain their position of power.

The idea that competence is a tool of domination is practically laughable except for the fact that the religious Equityists really believe it. The fact that individuals vary widely in their competence and skill is simply dismissed as the lies of unbelievers.

Equity is very caught up in the idea that the capability of all humans is equal, and the only reason we see different outcomes between people is because the dominant group oppresses minoritized groups. There is no place for individual effort, innate talent or even luck in this religion. The only possible reason for the competence of some people must be that they received an advantage because they are members of a dominant group.

They believe that since there is no real difference between individual people we can place anyone into a position of authority without negative consequences. Good luck with that.