The Merriam-Webster Dictionary defines equity as follows:

1a: justice according to natural law or rights specifically: freedom from bias or favoritism
b:something that is equitable
2a: the money value of a property or of an interest in a property in excess of claims or liens against it
b: the common stock of a corporation
c: a risk interest or ownership right in property
d: a right, claim, or interest existing or valid in equity
3a: a system of law originating in the English chancery and comprising a settled and formal body of legal and procedural rules and doctrines that supplement, aid, or override common and statute law and are designed to protect rights and enforce duties fixed by substantive law
b: trial or remedial justice under or by the rules and doctrines of equity
c: a body of legal doctrines and rules developed to enlarge, supplement, or override a narrow rigid system of law

At the MGT Institute for Consciousness Exploration we define equity as follows:

If you would distinguish six domains of living and line them up in a sequence of expanding scope, dimension as well as responsibility, you would get something like: myself, the family, the group(s) (incl. enterprise, race, nation etc.), all mankind, all life organisms, all other energy configurations (physical universe).

There is a state of mind, related to but not the same as equanimity, which consists in the ability and willingness to decide, to act and solve any problems in such a way so as to respect the living entities in each of these domains without prejudice. And that’s equity.

C. de Nada

NB: Please also note how different that is from the Utilitarianism views, such as ‘the greatest good for the greatest number’ and ‘the end justifies the means’.