Collingwood has vowed to implement all 18 recommendations from a damning report that found the AFL club guilty of "systemic racism" and urged significant changes to ensure it eliminates that "toxic" culture.
The independent report, submitted to the club's board in December, found racism at Collingwood has resulted in "profound and enduring harm" to First Nations and African players which "affected them, their communities, and set dangerous norms for the public".
The recommendations include alterations to governance procedures to ensure accountability and consequences for acts of racism within the club and to develop a strategy to address and reconcile past acts of racism.
The report also suggests the club develop a framework for responding to incidents of racism that is proactive, and that concepts of anti-racism and inclusion be integrated into the club's values.
"While claims of racism have been made across the AFL, there is something distinct and egregious about Collingwood's history," the report says.
"In the thirty interviews undertaken for this review, there was no clear consensus about what the values of the Collingwood Football Club were.
"Collingwood claims to be guided by four formal values - belonging, commitment, realising potential and caring.
"There is a gap between what Collingwood Football Club says it stands for and what it does."
The report was commissioned by Collingwood's board last year, triggered by a series of claims of racism made by 2010 premiership player Heritier Lumumba.
The review was conducted by Distinguished Professor Larissa Behrendt and Professor Lindon Coombes, from the University of Technology Sydney, who handed their report to the club's board on December 17.
Days later, long-standing president Eddie McGuire announced he will step down at the end of 2021.
In addressing the report during a press conference on Monday, McGuire denied the report had influenced his decision, saying it had only served to strengthen his desire to see the year out.
McGuire described the implementation of the recommendations as a "day of pride" for Collingwood, which he admitted had "got things wrong" in the past and said will learn from its mistakes.
The report found there has been a consistent pattern of Collingwood failing to adequately address incidents when they have arisen, and that there was an absence of internal avenues for reporting racism in the club until recently.
"All of this comes back to the leadership of the Collingwood Football Club -- particularly its board -- and the need for them to set the vision and values of the club and to drive structural change within the organisation," the report says.
The review also found there is a "genuine acknowledgement of past failures and a strong desire to do better".
Positive steps already taken by Collingwood include the introduction of policies that directly target racism and the appointment of a new chief executive - Mark Anderson - who is committed to making changes.
"It needs to be noted and underlined that, in undertaking this review, the club was unflinching in holding up a mirror to itself," the report says.
While 30 interviews took place during the review, Lumumba did not participate in the investigation.
Lumumba has claimed he was nicknamed "chimp" and that a culture of racist behaviour existed during his time at Collingwood, spanning 10 seasons from 2005-2014.
"It is not appropriate to review those allegations without Mr Lumumba's involvement," the report said.
"Nothing in this review can be taken as exonerating the club from any alleged wrongdoing."
The report's authors said there needs to be a serious investigation into Lumumba's claims, with his participation.