President Stephen Toope says he plans to release the full report into the incident on Wednesday and said the university would take specific action following the incident.
"I am very sorry for what our first-year Sauder students were exposed to. They deserve better, which is why we strive to ensure both our own orientation activities and those run by student organizations are designed to make newcomers feel respected, safe and engaged," Toope said in a statement released on Monday afternoon.
"I am also very sorry for how these reports may have affected all members of our UBC community — students, faculty, staff, alumni and our many partners and champions."
Four of the student leaders of the Commerce Undergraduate Society have already resigned, after news of the chant first broke on social media.
The university has already cancelled the remaining CUS frosh events, but has yet to announce any disciplinary action against any students.
The incident took place on a bus ride during the Sauder Frosh, a three-day orientation for the Sauder School of Business, organized by the Commerce Undergraduate Society.
- Read more about the chant
The chant condones non-consensual sex with underage girls saying, "Y-O-U-N-G at UBC, we like 'em young, Y is for your sister, O is for oh so tight, U is for underage, N is for no consent, G is for go to jail."
The same chant was recited at Saint Mary's University in Halifax, prompting the resignation of the president of the student association there.