The introductory section of this paper addresses the introduction of the one-tier board system into the legislation of the Republic of Croatia to align with European Union regulations. It also analyses the provisions of the Companies Act that regulate the one-tier board system. Special emphasis in this paper is placed on history respectively the fact that each country's corporate governance has its historical path, influenced by various factors such as the development of the economy, the development of the capital market, ownership structure, culture, and other aspects of entrepreneurship. The paper also deals with the analysis of differences and similarities between the two-tier system and one-tier system of joint-stock company boards. Although the one-tier board system was introduced to harmonise with the EU law and simplify corporate governance, the practice has shown numerous limitations that have hindered its wider application. These limitations include legal obstacles, a lack of clear guidelines, and specific laws (lex specialis) that regulate the operations of specific sectors such as credit institutions, insurance companies, and central securities depositories. The paper also analyses the historical development from the one-tier board system to the two-tier board system and concludes that the one-tier board system in Croatia is still limited in its application.