As a result of discussions with the boys, their parents and in the formal disciplinary process, the two students will be stood down for five days, have leadership responsibilities withdrawn, and will not be allowed to represent the school in any sporting or cultural activities for an agree period of time.
They will undertake community work over the next months, as well as consent and healthy relationships education.
"Both boys are still under the age of 18 years and therefore some details are being withheld.
"This decision is consistent with the school philosophy of working with our students and
their families wherever possible to support them to make positive changes that will serve
them well for the rest of their lives.
"We have been unequivocal with these students and the rest of the school that the views
expressed online last week have no place in our school or our community.
"The school will continue to strengthen our existing education programmes on healthy
relationships and consent. These have been in place for more than a year but we know we
can do better. We are also going to be working with our parent community because it is
clear that everyone has an important part to play in keeping everyone safe."
The students prompted outrage after their comments went public.
One comment said: "If you don't take advantage of a drunk girl, you're not a true WC [Wellington College] boy."
Another comment said: "F*** women".
In the statements released by the two students, they apologised for the comments.
"To everyone concerned I am so sorry for saying what I did," said the first student.
"It was an error of judgement and I was stupid for saying it. It was meant to be a joke (stupid thing to say) that I shouldn't have said and I wasn't being serious at all. I feel really bad for making that comment.
"I would apologise myself to all the people it has affected but I don't know who they all are. I have learned a lot over the last week and I hope others can learn from what I did and don't do it.
"It is a really destructive attitude that leads to these sort of comments and I don't want others to make the same mistake as me because it hurts lots of people and it is not okay under any circumstances to write and say what I did, or to joke about it."
The second student said he wanted to give the "sincerest apologies" to the school, the Wellington College community, the principal, the students, his family, and all the people he offended.
"The actions I took on Facebook last Sunday night have been detrimental to everyone
associated with the school and the wider community," he said.
"What I said was completely out of line and I deeply regret saying it.
"Many people have talked to me about what I did. I certainly didn't think about that and I
have learnt about how important it is not to do what I did.
"I know what I did was wrong and I would like to say sorry to all those who were offended by my actions. And I hope others learn from my experience and don't post messages like the one I posted."
A protest against rape culture was held at Parliament on Monday in response to the comments, and drew hundreds of people, male and female alike.