Will Smith Jada Pinkett Smith Chris Rock David Rubin Chris Pizzello Dawn Hudson Rock actor Oscar Governors and Will Smith Jada Pinkett Smith Chris Rock David Rubin Chris Pizzello Dawn Hudson

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

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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) 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.

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