Although Vodafone's directors were criticised by one investor at its annual meeting yesterday as "subprime", the presence of Tony Watson on the board should add some credibility among large shareholders.

The 64-year-old ex-boss of investment manager Hermes joined Vodafone in 2006 when Arun Sarin, then chief executive, faced pressure from investors about the group's overseas strategy. Together with chairman Sir John Bond, he helped ease the strained relationship with the City.