The PLC’s report and accounts just published shows that CEO Nickyl Raithatha had total fixed pay of £611,700, plus an annual bonus that exceeded his base pay, at £822,150.
Raithatha’s total remuneration was £1,438,606.
CFO Andy MacKinnon had fixed pay of £396,450 and a bonus of £531,563.
His total remuneration was £932,769.
When Moonpig floated in February 2021 it was valued at around £1.2bn.
Sales in its first full year as a PLC were as expected, down 17.3% at £304.3m compared to the exceptional pandemic-influenced prior year, when sales had more than doubled to £368.2m when bricks and mortar retailers were shuttered.
Susan Hooper, chair of the remuneration committee, said in the report: “The group’s remuneration arrangements comply with best practice and align with the long-term interests of shareholders.”
Moonpig said the maximum bonus opportunities for FY22 were 150% of salary for each of the CEO and the CFO (unchanged from FY21 for the period from IPO). The annual bonus was based on the achievement of Group financial targets and a set of specific and quantifiable strategic objectives.
“The resulting bonus represented 94.5% (£822,150) and 94.5% (£531,563) of the maximum opportunity for the CEO and CFO respectively.”
In FY22, Moonpig Group launched a SAYE Scheme in which all eligible employees were invited to participate and 48% of the UK workforce chose to do so.
Moonpig completed the acquisition of Buyagift on 13 July.
The group's share price has fallen by 39% since the start of the year, and the current market capitalisation is £684.2m.
This was addressed in the directors' remuneration report and policy for FY23, which stated: "The group’s performance since the IPO has been outstanding, it has consistently over-delivered against its financial KPIs and it has raised earnings guidance on five occasions.
"Notwithstanding this, the two Executive Directors are conscious that the share price has fallen materially since IPO and that a grant calculated using the current share price would result in their grants being made over a larger number of shares than originally envisaged.
"Accordingly, they have volunteered, on a one-time basis, to the number of shares over which the grants are made, being reduced by 15%, from 200% to 170.0% for the CEO and from 150% to 127.5% for the CFO."
The awards will be subject to Total Shareholder Return and Adjusted EPS performance conditions.
The base salaries for the two executive directors were set at Moonpig's IPO and were not increased during FY22.
Moonpig noted that for FY23 there would be an increase of 3.0% "which is below the average employee pay increase across the group’s wider workforce of 8.6% for FY23".
It said that 6.3% of the workforce increase was effective at the end of the financial year, with the remainder relating to "mid-year inflationary salary increases, being brought forward in view of the current competitive market for technology roles".
