Hmm, this is a good idea, maybe only the web masters and administrators vote, but at the same time it takes away all of the democracy, and the same people would be elected.
That's how it's done now. When admins or posters feel there's a need for more moderation in a certain forum, admins choose mods based on who they'd think would do the best job, as with a lot of things this process can be a bit hit and miss, but it's in the interest of admins to choose the best person possible and obviously not everyone can be pleased with the decision. Since I'm new to being an admin myself I haven't been through the selection process of new mods yet, but I have the basic idea how it works and what I would be looking for in a new mod. Making the mod selection process a popularity contest would very likely not end up well.
And if you're so keen on democracy, are there really cases out there, where people, who enforce rules are chosen by elections?
Now if you have any further questions, only reasonable questions please, then feel free to PM me. I am closing this thread now.