Will Smith Had Call with the Academy, Was Informed 'Actions Would Have Consequences': Industry Source

Will Smith had a brief meeting with the Academy of Motion Picture Arts and Sciences via Zoom following his actions at the 94th Academy Awards, an industry source tells PEOPLE.

"The Academy has talked to all parties. Will Smith was listened to [and] informed that his actions would have consequences," says the source.

At the 2022 Oscars in Los Angeles on Sunday, Smith, 53, walked on stage and smacked Chris Rock during the live telecast after the presenter made a joke about Smith's wife, Jada Pinkett Smith.

During the call, the Best Actor Oscar winner — who apologized to the Academy and his fellow nominees, but not Rock, during his acceptance speech — apologized to the Academy again, CNN reports.

For more on the Will Smith-Chris Rock incident at the Oscars, listen below to our daily podcast on PEOPLE Every Day.

PEOPLE has reached out to Smith's rep for comment, but did not immediately hear back.

The industry source tells PEOPLE that the incident at the Oscars was "a traumatizing and shocking experience for everyone that took time to process," adding that various stakeholders throughout the Dolby Theatre had to be corralled and that there were "various opinions on the proper course of action, all the while continuing to put on a live show for 15M+ people."

The source adds, "People witnessed an event arguably never seen before on TV. The questions being considered: Was everyone OK? Do they want to pull someone out of the theatre in handcuffs? And more. All these points were considered in less than a half hour."

RELATED: Chris Rock Says 'I Haven't Talked to Anyone Despite What You Heard' at Comedy Show Following Oscars

Kevin Mazur/WireImage

"Will was asked to leave. It was relayed to the Academy that he declined," says the source, reiterating the Academy's statement from earlier this week.

"A board meeting was called immediately," says the source. "In the meeting, it was discussed that Will Smith violated Standards of Conduct, and a process was immediately put into place for disciplinary action."

At the next board meeting, set to take place on April 18, the Academy said they "may take any disciplinary action, which may include suspension, expulsion, or other sanctions permitted by the Bylaws and Standards of Conduct."

RELATED: Jada Pinkett Smith Breaks Silence After Will Smith Hit Chris Rock at Oscars: 'Season for Healing'

"Things unfolded in a way we could not have anticipated," the statement from the Academy, issued Wednesday, also read. "While we would like to clarify that Mr. Smith was asked to leave the ceremony and refused, we also recognize we could have handled the situation differently."

"The Board of Governors today initiated disciplinary proceedings against Mr. Smith for violations of the Academy's Standards of Conduct, including inappropriate physical contact, abusive or threatening behavior, and compromising the integrity of the Academy," it continued.

"Consistent with the Academy's Standards of Conduct, as well as California law, Mr. Smith is being provided at least 15 days' notice of a vote regarding his violations and sanctions, and the opportunity to be heard beforehand by means of a written response."

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

In the statement, the Academy also issued an apology to Rock, 57, as well as everyone in attendance at Sunday's event and those watching from home.

"Mr. Smith's actions at the 94th Oscars were a deeply shocking, traumatic event to witness in-person and on television. Mr. Rock, we apologize to you for what you experienced on our stage and thank you for your resilience in that moment," the statement said. "We also apologize to our nominees, guests and viewers for what transpired during what should have been a celebratory event."

RELATED VIDEO: Richard Williams Says He Doesn't 'Condone' Hitting After Will Smith Smacks Chris Rock at Oscars

The conflict arose after Rock cracked a joke directed at Smith's wife regarding her shaved head. The actress, 50, has previously disclosed that she lives with alopecia, a condition that causes her to lose her hair.

Smith has since apologized to Rock, writing in part in a lengthy Instagram post on Monday, "I would like to publicly apologize to you, Chris. I was out of line and I was wrong. I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness."

On Monday, the Academy said in an initial statement, "The Academy condemns the actions of Mr. Smith at last night's show. We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law."