Hill-Wood was left unhappy after questions at shareholders’ meeting last week.
Wenger has been heavily linked with a move to Real in the summer, with presidential candidate Florentino Perez reportedly wanting to make the Frenchman the club’s next coach.
Wenger’s comments sparked fresh speculation over his future at the weekend after admitting Perez’s project would be interesting for any coach.
Wenger was also criticised at a shareholders’ meeting last week following a fourth successive season without a trophy.
Hill-Wood was unhappy with the conduct of some of those at the meeting, but is confident it will not affect Wenger’s future at the Grove.
“I am not concerned about it,” said Hill-Wood
“Arsene is here and under contract (until 2011), and I am sure that is how it is going to remain.
“I think he is a big enough man to accept that a few people are not prepared to be reasonable.
“I think we all have to accept criticism, but you expect it to be reasonably constructive, rather than destructive.”
Hill-Wood praised Wenger’s handling of the situation after expressing his dismay at the questions put to Wenger.
He added: “Frankly, some of the questions were quite disgraceful.
“There you have the most successful manager in our history and two or three of the shareholders made the most negative and somewhat hostile and sarcastic comments, which I think were completely out of order.
“I was very upset by the questions, I have to say. We, and he, kindly agreed to have this meeting and whether we have another one is a moot point.
“Arsene was very diplomatic and honest in his answers and deserves great credit for that. But I wouldn’t have been anything like as polite if they had asked me.”