Chief executive performance bonuses have fallen to their lowest level since the millennium as bosses struggle to meet their targets in the tough economic environment, according to executive recruitment specialists Sheffield.

The company's annual survey of 500 CEOs has found fewer executives are being paid performance bonuses and those who are receiving them are getting less than the full allotment.

The incidence of those getting a bonus fell from 65 per cent to 53 per cent and the median bonus payment of $36,670 was only 75 per cent of the target payment.

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