"The school has been very clear with me as legal counsel that a resolution to the legal proceedings was important as the reaction and intense public scrutiny was in all likelihood not anticipated by the families and the families remain part of the St Bede's community," Mr Gallaway said.
The board has also, at the request of legal counsel for the parents, agreed not to seek costs.
Board chairman Warren Johnstone says this was all given serious consideration before an agreement was reached late yesterday.
"In terms of costs, the board made this decision as this matter should not be about money but rather about what behaviour is expected and what the consequences need to be when situations such as these arise.
"What happened at Auckland Airport is extremely serious and is about the safety and security of everyone who passes through an airport.
"There are some other behaviour matters that have arisen either directly or indirectly as a result of this overall situation that are being taken very seriously and will also now to be considered and addressed.
"This may take some time to ensure everyone is heard and that the management practices of the school relating to behaviour are able to continue as parents expect."
Mr Johnstone said the public was not aware of many factors the board has had to weigh up and the situation had been extremely challenging and complex.
Mr Johnstone said the wellbeing of all boys had always been at the forefront for the board.
The school has put in place reintegration plans for the students, who returned to school on Monday, and support plans for any students or staff who may need it.
The statement said extra relief staff were also in place this week to ensure that St Bede's staff had time to provide support and guidance to students who may need this and to their colleagues.
The board and school rector were also working together to look at how they ensure there is not a repeat of this situation.
The row was sparked after the two boys were caught riding on the baggage conveyor at the Jetstar carousel in the arrivals hall at Auckland Airport's domestic terminal.
The pair were given formal warnings by police and the Aviation Security Service after the prank shortly after arriving on a domestic flight from Christchurch.
Andrew Marsh, lawyer for the parents of Kennedy and Bell, said in a statement: "The boys and their families are happy that the court proceedings have been resolved by agreement with the school."
They would not be making any further comment in relation to these issues, he said.
