The British Film Institute (BFI) has withdrawn Harvey Weinstein's BFI Fellowship, due to what it calls the "serious and widespread allegations" about his "appalling" conduct.
A BFI statement read: "A BFI Fellowship is the highest honour we can bestow, awarded by the BFI's Board of Governors to individuals for their outstanding contribution to film and television.
:: Does Harvey Weinstein deserve to be blacklisted?
"The serious and widespread allegations about Harvey Weinstein's appalling conduct are in direct opposition to the BFI's values.
"The BFI Board has met and decided to withdraw the BFI Fellowship awarded to Harvey Weinstein in 2002."
The statement also praised those women "brave enough" to "speak out".
"Sexual harassment, abuse and bullying is unacceptable under any circumstances. Everyone working in the film industry in any industry should be safe and respected in the workplace," it continued.
:: Does Weinstein scandal mask institutional problem?
"We wholeheartedly support those brave enough to come forward and speak out. The film industry needs more women represented on every level, on and off screen."
:: The #MeToo social media movement
The institute says it is working with industry partners to "develop a new set of principles to address bullying and harassment and help people in the industry to be better supported".
"This new set of principles will be incorporated in the BFI's Diversity Standards, which we are strongly encouraging the screen industries to adopt," it added.
:: 'An overcrowded brothel': Hollywood's infamous casting couch
Mr Weinstein was awarded the fellowship in 2002 for his "outstanding contribution to cinema" and the producer is considered one of the most powerful people in Hollywood.
More than 40 women - including Gwyneth Paltrow, Cara Delevingne and Ashley Judd - have accused him of sexual harassment, sexual assault or even rape.
On Wednesday, Game of Thrones star Lena Headey said the movie mogul was furious when she rejected his advances at a Los Angeles hotel, an incident that left her in tears.
The producer has "unequivocally denied" the claims against him and has not been charged with any offence.
The BFI's decision to end his fellowship follows similar moves by the Academy and BAFTA.