I don't know what its made of but it may just smoke until its newness has burned away, then be OK. If it is some kind of composite material have you checked that the correct side is facing the heat?
I presume this is not a sign of the appointment of his holiness!!
There is an oil pipe that connects to the turbo housing and can be disturbed such that its flanged end doesn't seat correctly this results in a slight oil leak which is burnt off by the turbo heat giving off the white smoke you describe. I believe some D3 110s were modified by VP - pm me and it'll jog my mind to get more detail from my boat if you need it.
Dave
Any sort of newness ie grease or oil on the shield should burn off very quickly ie a few minutes. Continuous smoke can only mean an oil leak as said. You might need to run the engine without the heat shield to see where the smoke is coming from. However first check the oil pipe as said. good luck olewill