Long-term Collingwood president Eddie McGuire admitted he "got it wrong" when initially categorising his club's report into systemic racism as a day of pride, per a report from AFL Media's Nathan Schmook.

The under fire Magpies' chief opened his address at the club's annual general meeting, held on zoom, before the eyes of members, staff and the media.

McGuire's acknowledgement of fault came after his claim that it was a "proud day" for Collingwood during his disastrous press conference on Monday.

The outgoing president stated that it was "an historic and proud day for the Collingwood Football Club" in response to the internal report that suggested there was "something distinct and egregious" about the powerhouse club's dark past of racism.

Following his previous 'foot in mouth' opening, McGuire's opening address at Tuesday's meeting sought to contain the storm he created earlier in the week.

"I got it wrong. I said it was a proud day for Collingwood, and I shouldn't have," McGuire began.

"I meant to sincerely acknowledge not only the enormous work the club had done – especially Jodie Sizer and Peter Murphy in bringing this report together – but also the work of all our staff and their preparedness to take a deep and uncompromising look into our past as a club.

"I did not mean we were proud of past incidents of racism and the hurt that it caused. I am not."

McGuire, first elected Collingwood president in 1998, also apologised for his comments earlier in the week, claiming they had distracted from the points unearthed by the report and that only "under the pressure of the day" did he call it a 'proud day'.

"We may not be able to undo conduct of the past but we can certainly make the future balanced and inclusive for all people," McGuire said.

"We will set an example and eventually lead by example."

Board member Peter Murphy also stated that the report commissioned by the club had not directly indicted any individuals at Collingwood as being racist.

Although the report was initially leaked to News Corp, McGuire stated that the club always intended to air the details publicly.