Each employee is given one morning or afternoon off every quarter, to take at their time of choosing, specifically in order to support a family event like a kids' football game or ballet recital. Photos are encouraged and pinned up in the office.
Every parent surely wants to see more of the events in their lives that matter to their kids. It would feel great to know that the company you work for encourages this practice, and if pictures of the events were posted on a pinboard or online forum, it should prevent too much abuse of the system.
If companies feel strongly against just donating extra afternoons, perhaps the system is adapted to allow overtime to be exchanged for these afternoons. In essence then it just becomes flexible working hours; but hopefully this allows the companies that are not willing to become too flexible the chance to show that they do care enough to allow families to enjoy the important moments together.