State Comptroller Tom DiNapoli on Wednesday said he is reviewing pension fund investments to guard against BDS affiliations that could harm Israeli-based businesses the fund has bought into.

The move comes less than a month after Gov. Andrew Cuomo issued an executive order preventing state agencies from doing business with companies that work with BDS — or Boycott, Divest and Sanctions — organizations.

While DiNapoli’s probe focuses more on pension fund finances than politics, it comes as the BDS movement, and the backlash against it, are being debated nationwide. New Jersey lawmakers earlier this week passed a measure similar to Cuomo’s order.

The BDS movement aims to put pressure on companies that are based in or closely tied to Israel. It’s viewed as a way to pressure the Israeli government over its treatment of Palestinians in the West Bank and Gaza Strip.

Supporters have compared it to the sanctions enacted against South African firms in the 1980s before apartheid was ended.

Cuomo and others, though, have characterized BDS as economic warfare that aims to undermine Israeli society.

The state Legislature had debated anti-BDS measures but members of the Senate and Assembly couldn’t agree on the precise approach. So Cuomo used his powers to enact an executive order instructing state agencies under his control to act.

That has drawn criticism from civil rights groups who contend the governor’s order violates First Amendment or free speech rights.

In launching his review, DiNapoli said his office will focus on the economic threats the BDS movement can pose to the $178 billion state pension fund, which has $532 million worth of Israeli investments.

“Attempts to harm Israel’s economy can put our investments there at risk,” DiNapoli said in a prepared statement. “Israel remains an attractive place to invest and we look forward to finding new opportunities there. We’re putting companies engaged in BDS activities on notice that there will be consequences if their anti-Israel activities expose our investments to financial harm.”

While the New York Civil Liberties Union, which opposed Cuomo’s executive order on free speech grounds, hasn’t weighed in on DiNapoli’s approach, another organization has.

“We question the argument the comptroller has given, the economic argument, given the timing, the wave of anti-BDS legislation that is coming across the United States right now,” said Jas Chana, spokesman for the National Coalition Against Censorship.

The comptroller’s office defines BDS as “actions that are intended to penalize, inflict economic harm on, or limit commercial relations with the State of Israel; this includes deliberate efforts to weaken the economy of Israel.”

Identifying BDS actions in the pension fund will be done on a case-by-case basis. It is unclear when the review will be done.

The survey actually began in April but has been ramped up lately.