Vodafone's chairman and chief executive have expressed frustration at the company's poor share price performance.

The mobile phone operator's shares have fallen 13.7 per cent this year. They have underperformed the FTSE 100 index by 16.5 per cent, and the FTSE world telecoms index by 2.7 per cent.

Retail investors complained about Vodafone's share price performance, and its record on total shareholder returns, at Tuesday’s annual meeting.

One investor said Vodafone's returns over the past five years were "piffling", and complained that the share price was languishing at the same level as when Sir John Bond became chairman in 2006.

Sir John, who described Vodafone's cash-flow performance as "strong", replied: "We share some of the frustration you express in our share price."

Vodafone last week reported that underlying revenue at its core European operations fell 4.4 per cent in the three months to June 30 compared with the same period last year, as customers tried to cut their mobile phone bills in the downturn.

Vittorio Colao, chief executive, said the share price performance could be explained by the "general economic climate". He added: "I and the management team are convinced Vodafone's assets and performance are not fully reflected in the share price. This is why we will try and deliver strong and improved returns to shareholders."

Investors holding 3 per cent of the votes cast at the annual meeting were against Vodafone's remuneration report, and a further 1 per cent abstained. Pirc, the investor advisory service, had urged shareholders to reject the report.