Hawthorn president-elect Peter Nankivell has labelled the findings of the club’s cultural report “horrifying”, but remains hopeful mediation will occur between parties despite a failed initial attempt.

The Age reported on Monday that the Hawks had made an unsuccessful attempt at entering mediation talks with some of the First Nations players and families at the centre of the investigation.

A mediation discussion was conducted with one lawyer representing a player and partner, Dr Judy Courtin, the report noted, but added talks did not progress far, while other players and their partners declined to enter mediation.

Nankivell - who is aiming to be elected as Jeff Kennett’s official replacement next month - said he was hopeful parties could mediate during the investigation, also commenting on the idea such mediation could lead to financial settlements.

“I think it‘s the nature of a dispute in the sense that what happens is that the complainants present and tell their story and their hurt and explain their hurt,” Nankivell, a lawyer, told SEN’s Whatelety.

“We and those that have had allegations made against them get the chance to respond. But in the context, there’ll be no winners here.

“Everyone is going to walk away disappointed, hurting. We have to take whatever steps we can to try to minimise that hurt.”

Nankivell added: “I think true reconciliation can only occur if that’s (mediation) the outcome.”

Part of the AFL-appointed panel’s independent investigation is set to centre on whether the club’s management or board was aware of inappropriate behaviour.

Melbourne’s tanking investigation in 2013 resulted in a $500,000 fine given the conduct of its coaches, while Carlton was slapped with a nearly $1 million fine and stripped of several early draft picks as a result of deliberate salary cap breaches.

Nankivell told the Herald Sun he was aware considerable sanctions could loom depending on the outcomes of the investigation.

“Yes, this in essence is an independent panel, but it’s a subset of an AFL disciplinary process,” he said.

“So, if there is fault and or policies have been breached and there are sanctions, we are acutely aware of that.

“I think the board is charged with being responsible for the good governance and conduct of the football club at a point in time, and if there are legacy issues or historical issues where we have been at fault then we are responsible.”