Norway’s $2.3 trillion sovereign wealth fund is concerned that shareholder rights are weakening in many markets, risking long-term value creation in equities.

Norges Bank Investment Management, which manages the fund that has shares in more than 7,000 listed companies, said it plans to step up engagements with market participants to uphold robust shareholder rights that “underpin well-functioning public equity markets.”

Setting out its view on the matter in a statement posted on its website on Tuesday, officials at the fund led by outgoing Chief Governance and Compliance Officer Carine Smith Ihenacho said they plans to “engage proactively” to maintain and boost shareholder protections in its relevant markets.

The fund will also vote “consistently to promote adequate protection of our rights” and work with academics to deepen collective understanding of how shareholder rights support well-functioning markets.

The fund votes on 110,000 resolutions at more than 11,000 annual shareholder meetings annually in line with a set of guidelines.

Earlier this year, the fund unusually backed all shareholder motions at surveillance technology company Palantir Technologies Inc. in a sign how its growing politicization puts its investments under closer scrutiny by the Nordic country’s public. The motions it backed were on human rights due diligence and impact assessment, and reporting on political contributions.

In addition, the fund’s responsible-investment framework is facing heightened political scrutiny, including over its holdings in Israel and the use of ethical exclusions. A committee is expected to present a proposal for new ethical guidelines by mid-October.