Common meaning:

A required level of competence that is generally considered acceptable or desirable.

Hidden meaning of the Equity religion: 

Only exist as tools to hide the application of privilege.

Discussion:

Equity believes that any difference in outcomes between two different groups must be as a result of oppression. Standards simply reveal the privilege the Equityists already know is taking place. 

If a standard is in place for attending a university that does not perfectly balance the groups, then it must be the problem. It is a tool the privileged are using in order to continue their oppression of the marginalized.

In order to prove that standards are a bad idea, some Equity believers point to the fact that when you have testing it reduces intrinsic student motivation. This is true, but that loss of motivation can be adjusted for and in no way means that we should throw out testing. The value testing brings for figuring out a person’s skill level and what their understanding is, is too important to be abandoned because of a slight drop in motivation.

Without standards we have nothing.