PS3 1.5.26.0.5. Description of the skill says that "Arrows that hit the shield do no damage". That may be true, but when covered by a shield, enemy archers still manage to bypass it almost all the time. Thus, while the skill exists, it does not work. Tested at Fort Fellhammer (Silver Hand), Banded Iron Shield (modified Superior).
PS. I remember the skill worked properly, wnen played half a year ago.