Jeremy Cox, the chief executive officer of the Bermuda Monetary Authority, was paid $500,000 last year, with a possible bonus of up to 30 per cent extra.

Mr Cox, who has stewarded the BMA for the past five years, has signed on for a second five-year term at the helm.

His predecessor, Matthew Elderfield, who was CEO from 2007 to 2010, reportedly received an annual pay packet of $730,000.

Mr Cox’s salary figure was released in the BMA’s 2014 annual report, which stated that the salaries of the other seven members of the executive team ranged from $230,000 to $250,000.

These staff were eligible for a bonus of up to 25 per cent. In both cases, bonuses were performance based.

A total of $2.75 million was paid out last year in combined executive management salaries, bonuses and “other short-term employee benefits”.

As the Island’s financial services regulator, the BMA recorded a net income of $340,000 last year, compared with a deficit of $1.53 million at the close of 2013. Total revenue last year was $41.9 million.

The annual report was tabled at the latest sitting of the House of Assembly.