The issue of holding fair elections is largely technical. The long-term solution will likely come from [Stack Exchange management]. Still, bring up these issues in meta. There is a lot of room for innovation. Discussing the criteria of a great moderator is important and picking out potential candidates is a great way to introduce outstanding contributors to your community. And [management] are completely open to appointing temporary Moderators when someone’s contribution makes them a standout choice for your community’s human exception handler.
For more detail see: Moderator Pro Tempore and Stack Exchange Moderator Elections Begin