In the days following the incident, the Academy of Motion Picture Arts and Sciences and Smith’s peers condemned his actions. Smith apologized to Rock Monday, while Rock said during a stand-up show Wednesday night in Boston that he was still working on what happened. Following his public apology, Smith announced his resignation from the Academy on Friday – and many were left wondering what the resignation would mean for the actor and his future.

What is the Academy – and why do people participate?

The Academy of Motion Picture Arts and Sciences was founded in 1927, and the elite team began awarding the Academy Awards – which are presented at the Academy Awards – in 1929, according to the Academy’s website. It currently has 10,000 members making up 17 branches of the film industry ranging from writers and actors to make-up artists and public relations. Member reviews take place once a year in the spring and those hoping to gain access must be supported by two members of the Academy who are currently in the field in which they seek to be admitted. However, Oscar nominees are automatically considered for entry and do not need sponsorship. Academy members have access to many privileges, including the right to vote for candidates in their field and voting for Best Picture. They also have exclusive access to movie screenings.

What does the resignation mean for Smith?

When he resigned from the Academy, Smith relinquished these aforementioned privileges. His resignation, however, does not mean that he will lose the Oscar for his role in “King Richard”. He may also be nominated again in the future and invited back to the ceremony, according to Variety. However, the Academy announced last week that it is investigating the incident and will hold a disciplinary meeting for the actor on April 18. Smith could be fined if found guilty during the review, but it is not yet clear if the Academy will go so far as to strip him of his “Best Actor” award. Although several members have been expelled from the Academy in the past, including Harvey Weinstein, few have resigned. According to People, Oscar-nominated sound mixer Peter Kurland and Oscar-winning recording recorder Tom Fleisman resigned last month after the Academy decided to stop airing their sections from the show.

Helen Ray

Helen Ray is CBS News’ social media manager. She is also a digital reporter focusing on culture and technology.