Myners is the minister in charge of stamping out corporate tax avoidance and has recently been criticised for approving Sir Fred Goodwin’s pension from RBS.
He was the chairman of Aspen Insurance Holdings which saved more than £100m in UK tax last year by being based in the tax haven of Bermuda.
The company specialises in property and crisis reinsurance policies which pay out in the event of natural disasters. Myners’ five-year term as chairman of Aspen finished in May 2007.
The Tories and LibDems both branded this latest revelation as an embarrassment for the Government and questioned Myners’ future in this position.