Feeding 8 billion people with limited arable land is one of the modern world's most pressing headaches. Add to that a growing concern over the impact intensified farming practices can have on local ecosystems and biodiversity and you get a sense of the challenges facing a company like Bayer.

Founded in the mid-19th century, Bayer is one of Germany's oldest companies. Originally a pure pharmaceuticals manufacturer it diversified into crop science with the purchase of the agribusiness Monsanto in 2019. Its chief executive, Werner Baumann, has overseen that shift and with it the juggling of food security, conservation, and the welfare of farmers and consumers worldwide.

In this second instalment of Trade Offs, Mr Baumann talks to Fidelity International's Global Head of Investment Research Ned Salter about he works to align those issues and what Bayer is doing to boost crop yields while remaining environmentally and socially sustainable.

Listen to the analysis of this interview by Fidelity's investment team here.

Watch video clips and read bonus material from the interview here.