Abstract This article deals with the process of creating a convention in the field of human rights, the working name of which is the ‘International Legally Binding Instrument on Business and Human Rights’. The author analyses the existing legal grounds for the responsibility of business for human rights violations in international law. She has assessed non-binding instruments, leading her to draw the conclusion that mechanisms strengthening protection are required in human rights protection law. The process of the creation of a new convention itself is subjected to an in-depth review. A special place is given to the issue of the position of a victim of human rights violations committed as a result of the activity of transnational enterprises, the rights of the victims of such violations and the mechanisms of international cooperation in the combatting thereof. In the conclusion the author states that human rights require actions that move beyond existing divisions, and that the work of the intergovernmental group led by Ecuador should be seriously supported by the European Union and the United States.