Should we get time off for parent involvement at school?

This Miami Herald brings up some really interesting issues around school involvement and family policies fr our businesses. I'm conflicted.  I'm a huuuuge involvement fan and the love the thought of more parents at school for confeneces and meetings and volunteering. On the other hand -- as a small business owner -- I'm often cautious about more and more specific legislating about how we have to run the business.

 Personally, I think of school volunteering time as personal time.  It all depends on what the employee prioritizes.  I absolutely think that conferences and volunteering should be perfectly OK uses of personal time at work, and I believe that workplaces should be more flexible with personal time (I think it actually adds to the bottom line, frankly).  But one employee's volunteering for the Cancer Walkathon and another's volunteering at the school play are equivalent in my eyes.  In my experience when the government gets involved in legislating these things they balloon well past the intent.

I suppose I would favor a regulation that would allow time for parent-teacher conference attendance.  That's more specific and less flexible time-wise than involvement in general. Maybe twice a year.  And how about a standard form that the teacher would sign saying you were there?  That too much? 

What's your experience with this?  Are you able to get to school when you want to?  How about when you need to? Do we need a law on this?