It's custom for SE sites to hold regular moderator elections. However, it seems there has been no election on EE for 4 years. List of elections.
Why is this so? The site appears to have a steady growth of users and we need moderator numbers to grow in proportion to this, in order to preserve quality and prevent moderator burn-outs.
Also, since moderators are volunteers and can go inactive like everyone else, keeping a steady flow of new moderators is important. Particularly if the veteran moderators can teach and mentor new ones.