But he refused to say whether improved relations with Hicks meant he now wished to continue his involvement with the club.
Gillett said: "Time is a healer and there were things that had happened previously. It took a while for both of us to realise that we weren't communicating very well and the huge responsibility we have to the fans to do the right thing for the club."
Liverpool fans have been divided over which side to take during the Gillett-Hicks feud, with many unhappy with both parties.
Gillett admitted to being taken aback by the passion of the club's supporters but vowed to live up to his responsibility as joint custodian at Anfield.
We have to help Rafa Benitez try and be more competitive in the chase for the Premier League
Liverpool co-owner Tom Hicks
He said: "Soccer is the leading sport in the world and it's just shocking how popular Liverpool is. So it surprised me, but it really is an amazing responsibility.
"We've always felt that for the 40-plus years I've been around professional sport that we really hold these assets in trust for the fans and that we have an obligation to the fans."
Gillett insisted he was now concentrating on backing Benitez's attempts to improve on Liverpool's trophy-less campaign last season.
"All of us are focused on the transfer window and we want to be ready for that and we want to have adequate resources and good communication with Rafa and our hope is that we're making better progress, " he said.
"What did I think of last season's performance? I'd rather let the fans make that decision. But for a club that has a history of winning trophies, any season that you don't win one of the five or six trophies that we compete for, I suspect the fans, as well as the Hicks' and Gilletts, are disappointed.
"We have to help Rafa try and be more competitive in the chase for the Premier League."
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