Geelong Grammar has yet to decide whether to accept a proposal to erect a memorial to survivors of abuse at the elite private school in Victoria.
The memorial proposal was made by Robert Llewellyn-Jones, a prominent psychiatrist, who during his time at the school in the 1970s was sexually abused by a school chaplain, who is now dead.
Dr Llewellyn has told the royal commission inquiring into the school's handing of sex abuse allegations across four decades that he also witnessed bullying and students sexually abusing each other at Geelong.
On Friday, the last day of the extended public inquiry into the co-ed school, the school governing council's chairman Jeremy Kirkwood said he thought the memorial was an idea worth considering but the idea would need to be "evaluated very carefully" as some survivors had already opposed the idea.
He said it would probably be mid-year next year before a decision would be made and they would be seeking input from the broader school community.
There are 1,500 students at the boarding and day school which was founded in 1855.
The council has overall responsibility for school management and as head of council Mr Kirkwood on Friday apologised "sincerely and unreservedly" for the "physical and mental abuse" some students experienced.
He said the hurt and harm they had suffered was caused by the school's failure to keep them safe "believe them and support them".
The commission has heard that five teachers at Geelong Grammar were convicted of sexual abuse offences, some dating back to the 1970s, but the school which liked to handled matters quietly never told police when complaints were made.
Mr Kirkwood was asked on Friday what he knew of a "very generous" payment to teacher Jonathan Harvey who was jailed in 2007 after pleading guilty to abusing student in the 70s.
He said he knew Harvey's early retirement in 2004 was related to abuse allegations because then principal Nicholas Sampson had rung to say he had been presented with a "fairly difficult situation" with regards to Harvey.
Mr Sampson intended to accelerate Harvey's retirement and pay him a year's salary but Mr Kirkwood said the headmaster was "hamstrung" because the complainant did not want his name disclosed and Harvey denied the abuse.
Earlier on Friday, the school's commercial director Andrew Moore who wrote the $64,000 cheque for Harvey said he never knew why he was leaving the school.
Mr Moore said he understood the payment was an acknowledgement of long service.
The hearing has concluded.
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