Common meaning:

When all people are treated fairly.

Hidden meaning of the Equity religion: 

Treating people from different groups differently in order to adjust for past group inequalities.

Discussion:

The religion of Equity declares that because of past and present oppression of particular groups we must not aim for equality, but instead we must implement inequality. This means we take things away from members of one group and give these things to members of other groups. 

The religion of Equity uses the word equity as a code for bigotry. We must be bigoted towards people who come from oppressor groups. This is necessary because the only thing that matters is that there has not been equality between groups. Since there has been injustice in the past for some groups, this must be equalled out using bigotry today.

Equity believers claim they just want to balance group outcomes, which is bad enough because it treats people inhumanly, but it is actually worse than that. The religion actually considers people in dominant groups to be evil and without any opportunity for redemption. What believers actually want is not balance, but for the previously oppressed to become those who have all the advantages.

Bigoted equity is an extremely bad idea and the amount of damage it will create is massive.