Steve Hindi is an animal rights activist who owns in $5,000 Pepsi stock. He discovered that Pepsi advertises in bullrings in Spain and Mexico, and he has attended annual shareholder meetings and put forward shareholder proposals to have the company halt the practice. His proposal did not pass, but he did not give up easily and started a website to increase pressure on the company. (See http://www.sharkonline.org for an article containing more details regarding this issue.)

Pepsi has withdrawn bullfighting ads in Mexico but continues with them in Spain. Mr. Hindi continues his quest. Should the proposal have been approved? Does Mr. Hindi run any risk with his website activism?