Polanski, on the other hand, is a five-time Oscar nominee and won for Best Director in 2003 for The Pianist - a trophy he couldn't collect in person, as he has been a fugitive from the United States since 1978.
The Academy's board "voted to expel actor Bill Cosby and director Roman Polanski from its membership in accordance with the organisation's standards of conduct", a statement read. The Academy Board of Governors also explained that they will continue to encourage every member of the Academy to uphold its values and above all, respect human dignity.
Polanski was indicted on six counts of criminal behaviour, including rape.
Director Polanski had pleaded guilty of raping a minor in 1977. The L.A. County District Attorney's office has tried unsuccessfully to extradite him from Poland and France on multiple occasions, with Polanski also failing in his attempts to resolve the matter.
The announcement comes days after Cosby was convicted of drugging and sexually assaulting former basketball player Andrea Constand. He faces up to 30 years in prison at his sentencing later this year.
The Academy in December adopted a code of conduct for its 6,000-plus members after dozens of women came forward to accuse Weinstein of sexual assault. His case is one of the more prominent cases to be presented before a court since the inception of the #MeToo movement.
In Cosby's first trial a year ago, a different jury deadlocked and the matter was ruled a mistrial. Cosby was retried in April 2017. It is the first time in Yale's 300-year history that an honorary degree has been rescinded, according to The Atlantic.
Four Academy members are now known to have been expelled.