Power folding mirror? Don't you activate this feature by leaving the switch on L or R rather than in the middle position? I don't think there was ever a separate button for this functionality.
Oh, and it doesn't actually fold the mirror (i.e. folds the wing mirror closer to the car for parking in narrow spaces), it dips both mirrors downwards so you can see the kerb better.
My memory of a previous-gen. Presara is pretty fuzzy at the moment (Been quite a while since I last sat in an Aussie-spec Presara.), but didn't the mirror switch for that model look like this? (Notice the fold button, to the right of the L/ R selector.) If it didn't come with it, then I might have it mixed up with the South East Asian version.
Australian spec Presara never had power folding mirrors, and still doesn't.