It's an adjuster for the fog lights (i.e. moves them up and down)
I've got some photos of mine apart from when I did my recent refurb, which show a bit clearer how they work. I'm planning to do a write up on how I did it, I just never seem to find the time! :-|
I expect it is to adjust the aim of the foglight - but as the factory default set-up is for total water ingress, adjustment probably makes no real difference!