What does Will Smith's retirement from the academy mean for the actor?

When Will Smith beat Chris Rock at the Academy Awards on Sunday after the comedian poked fun at Smith's wife, Jada Pinkett Smith, sent shockwaves through the industry. Shortly thereafter, Smith returned to the stage accepting an Oscar for "Best Actor".

In the days following the accident, the Academy of Motion Picture Arts and Sciences and Smith 's peers condemned his actions . Smith I apologize to Rock on Monday, while Rock said during a stand-up show Wednesday night in Boston that he is still being processed what happened.

After his public apology, Smith announced his retirement from the academy on Friday — leaving many wondering what the actor's retirement would mean for his future.

What is an academy – and why do you join it?

The Academy of Motion Picture Arts and Sciences was founded in 1927, and an elite group began compiling the Academy Awards — which bestow the Academy Awards — in 1929, according to the Academy's website . It currently has 10,000 members across 17 film industry branches from writers and actors to makeup artists and PR.

Membership reviews are held once a year in the spring, and those wishing to attend must be sponsored by two members of the Academy who are currently in the branch to which they wish to be admitted. However, Oscar nominees are automatically considered for membership and do not require sponsorship.

Academy members have access to many perks, including the right to vote for the nominees in their industry and to vote for best photo. You'll also get exclusive access to nominated screenings.

What does resignation mean for Smith?

When he resigned from the academy, Smith relinquished these privileges mentioned above. But his retirement doesn't mean he loses an Oscar for his role in King Richard. It is possible that he will be nominated again in the future and invited to the party again, according to various sources .

But the academy announced last week that it is reviewing the incident and will hold a disciplinary meeting for the actor on April 18. Schmied may be fined If it turned out that he had made a mistake in the verification, however, it is not yet clear whether the academy will go so far as to receive the Best Actor award he won.

Although many members have been expelled from the academy in the past, including Harvey Weinstein , few of them are resigning. According to the People , Peter Kurland, an Oscar-nominated voice mixer, and Tom Fleischman, an Oscar-winning recording mixer, resigned last month after the Academy decided to stop airing parts of the show.