In response to the oft-cited inadequacies of the policies and pedagogies of multicultural education, the Ontario Ministry of Education mandated that school boards develop equity and inclusive education policies, as specified in Policy/Program Memorandum No. 119 [2009 version]: "Developing and Implementing Equity and Inclusive Education Policies in Ontario Schools." Relying on document analysis and policy analysis as methods of data collection, this study examined the ideological, socio-cultural, political, legal, and economic context from which PPM No. 119 [2009] developed in order to understand what groups of stakeholders were included in the policy development and whose values the policy document ultimately represents. Collected documents that represent both the federal and provincial level of policy making and a variety of regional stakeholders and policy actors illustrated that, despite a shift to focus on equity, conceptions of liberal multiculturalism continue to influence education policy in Ontario. This study concluded that the process of equity education policy development must be made a more inclusive process, reflecting the identities, values, and experiences of school administrators, teachers, and students.