Ontario Finance Minister Greg Sorbara has been cleared of conflict of interest allegations over a securities probe of his former company, Royal Group Technologies.

Ontario integrity commissioner Coulter Osborne said in his report released Thursday that Sorbara did nothing, directly or indirectly, to influence the Ontario Securities Commission’s investigation of Royal Group, on whose board Sorbara formerly sat.

Opposition members had accused Sorbara of quietly retaining responsibility for both the Toronto Stock Exchange and the OSC when he knew that Royal Group was under investigation.

Osborne saw no merit in the idea that there’s a perception of conflict. “I am satisfied that he did not interfere or attempt to influence the OSC, TSX, [Market Regulation Services Inc.] or Royal itself in respect of the Royal matter, including the threshold issue whether Royal should disclose the existence of the OSC investigation. In addition, it is clear that neither Mr. Sorbara nor the Ministry of Finance staff had anything to do with the arrangements between Royal and the TSX the effect of which was that Royal did not have to make a public disclosure of the existence of the OSC investigation in late December 2003.”

The complaint, which was brought by Conservative MPP John Baird, also said that Sorbara was involved in appointing Susan Wolburgh-Jenah as vice chair of the commission, when she may later be called to judge him if a case is brought against Royal. “It seems to me that recusal factors such as bias or perceived bias are best advanced by counsel for respondents and the OSC as matters come forward, not by me on an essentially non-existent record.”

“In summary, I see no merit in the complaint when its constituent elements are looked at separately or cumulatively. The complaint has not been established and is therefore dismissed. No further investigation is warranted,” Osborne concluded.

Both Sorbara and Premier Dalton McGuinty have insisted the minister lived up to his responsibilities as finance minister and wasn’t in a conflict of interest.

Sorbara had spent several years as a director of Royal Group and chairman of the company’s audit committee until he was named to cabinet last October.