Why do some icons have a shield

I think it indicates the target of shortcut will run with admin privileges. So it might encrypt your xxx parody collection, look up your mother's contact info and mail her the unlocking password. It is a healthy reminder.
I suppose you are now talking about shortcut file, .lnk, not having 'Run as Administrator' selected. That does not matter if the exe it points to wants to have admin rights. The shield is visible on the actual executable's icon, right?
EDIT: And it's not actually literal Admin account rights causing this but probably additional permissions it wants - such as writing to filesystem paths not allowed by default.
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I noticed that the nocd (no shield) was the same size as the exe that had a shield so I used fc.exe to compare them and they are identical.
So why has the original maxpayne2.exe got a shield and the new maxpayne2.exe hasn't?