GoogleVideo has CBC "The Hour" review of Shadow Company. The interviewer starts off with the standard "guns are cool" and sterotypical "mercenary" spiel. He misses the point pretty much throughout the interview, but the producer must've understood as the interview clips from the movie are well-chosen. While the interviewer didn't, the clip of Robert Young Pelton set the tone of the purpose of the movie with expected eloquence: "[from the Coalition of the Willing it became the] Coalition of the Billing, which means that the coalition partners that have pulled out are being replaced by private security."
We asked by on CBC, Nick Bicanic shares his motivation for making the movie, which included the Fallujah incident with the Blackwater contractors (earlier commented on here). Specifically, Nick keyed on the American military response to the deaths and mutilation of the American civilians and not military personnel. (Not said was the decision to delay the Marine response was made at the "highest levels".) The severe and significant military response had lasting impact and seemingly more on par of a counter-attack than a punitative response to an attack on civilians.
The seperation we think we achieve by privatizing force -- not US Armed Forces, Government, or OGA personnel but civilians -- is clearly not accepted by others. Shadow Company notably has an interview with an insurgent saying the Fallujah ambush (against Blackwater) was an attack on the CIA.
Foreign policy by proxy? Clearly. The US government think there's at worse a relationship with an agent through contracting by by the US government or private corporation (notably as part of Reconstruction). However, others (generally those outside the US government, US media, and US public) see a direct relationship and thus an attack on either is an attack against America.