After Will Smith-Chris Rock incident, Academy sets board of governors meeting: What is it and what can happen?

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Will Smith punches Chris Rock at Oscars (WARNING: VIDEO CONTAINS PROFANITY)

Clip Courtesy A.M.P.A.S. ©2022.

After Will Smith stormed the Oscars' stage Sunday night, slapping Chris Rock over a joke made about his wife Jada Pinkett Smith's balding head, the Academy stated one day later that a formal review of the incident had been launched. Now, it appears there's a full board of governors meeting.

According to The Hollywood Reporter, the formal review includes a meeting of the governor's board, which is to take place on Wednesday. The outlet notes that following each Academy Awards, there is always a "postmortem of the ceremony;" however, it doesn't usually happen so soon.

Here's a look at the board of governors, what its role is and how it can affect Smith:

Will Smith, right, hits presenter Chris Rock on stage while presenting the award for best documentary feature at the Oscars. (AP Photo/Chris Pizzello)

THE ACADEMY ‘UNLIKELY’ TO ‘WEAPONIZE’ WILL SMITH SLAPPING CHRIS ROCK AND STRIP HIM OF OSCAR, EXPERT BELIEVES

BOARD OF GOVERNORS: WHAT IS IT?

The Board of Governors "directs the Academy’s strategic vision, preserves the organization’s financial health and assures the fulfillment of its mission," according to the Academy's website.

The governors are elected, and they attend six to eight meetings throughout the year and are expected to appear at numerous Academy events as well.

There are also ten officer positions, which currently include President David Rubin and CEO Dawn Hudson.

Sean Combs, from left, Will Smith and Tyler Perry appear in the audience at the Oscars on Sunday, March 27, 2022, at the Dolby Theatre in Los Angeles. (AP Photo/Chris Pizzello)

WHO SITS ON IT?

There are 17 different branches of the board of governors — the actors branch, casting directors branch, cinematographers branch, costume designers branch, directors branch, documentary branch, executives branch, film editors branch, makeup artists and hairstylists branch, marketing and relationship branch, music branch, producers branch, production design branch, short films and feature nominations branch, sound branch, visual effects branch, writers branch.

Each branch has three governors. Some notable names include Whoopi Goldberg, Laura Dern, Rita Wilson, David Rubin, Ava Duvernay, Steven Spielberg, Jennifer Todd and Eric Roth.

On top of those members, there are three governors-at-large.

The governors-at-large are nominated by the president and elected by the board.

Will Smith apologized to the Academy during his acceptance speech for best actor. He later apologized to Rock via social media. (Foto AP/Chris Pizzello)

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‘THERE WILL BE CONSEQUENCES’ 

Smith slapping Rock shortly before winning best actor at the 94th Academy Awards have many wondering what happens next. Some have called for him to be stripped of his Oscar, which Smith won for best actor for his role in "King Richard" Sunday evening, but that seems unlikely.

Brand expert Eric Schiffer told Fox News Digital that the Academy's decision to condemn Smith's slap was likely due to "public pressure."

"The Academy feels public pressure to take a stand and admonish Smith's unhinged act but is unlikely to weaponize a violation of their own rules and arrest Smith’s Oscar and win," he said.

Academy governor Whoopi Goldberg shared the same sentiment on Monday's episode of "The View."

Academy governor Whoopi Goldberg has said they won't strip Will Smith of the Oscar he won Sunday night. (Getty)

"We’re not going to take that Oscar from him," Goldberg said. "There will be consequences I’m sure, but I don’t think that’s what they’re going to do, particularly because Chris said, ‘Listen, I’m not pressing any charges.'"

Goldberg is referring to the Los Angeles Police Department stating that Rock isn't pressing charges.

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It's unclear what the consequences could be, but the actor could be suspended or expelled from the Academy and still keep his Oscar. Harvey Weinstein and Roman Polanski both kept their Oscars, despite being expelled from the Academy.

There are "Standards of Conduct" for the Academy, released in 2017, but they make no direct mention of violence.

On Monday, Smith took to Instagram to apologize to Rock, stating he was "wrong." 

Representatives for Smith, Pinkett Smith and Rock have not responded to Fox News Digital's requests for comment.