Gartmore Monthly Income Trust has suspended its dividend and faces possible liquidation, in a potentially embarrassing move for Paul Myners, the former head of Gartmore and author of a UK government-sponsored report into pension funds, who is one of the trust's directors.

Myners, who is one of only a four-man board, has been an outspoken advocate of the duties of non-executive directors, and last month proposed that they extend their responsibilities and meet with shareholders once a month. He was out of the country and could not be reached for comment.