It's an excellent question, and I would like to know as well. The big question is whether the Moderation Team is formally appointed by the Rust Foundation. If

It's an excellent question, and I would like to know as well. The big question is whether the Moderation Team is formally appointed by the Rust Foundation. If that's the case, or if it becomes the case in the future, then it depends under which governance provisions the team's writ is created. It could be that the team is created by an act of the board of directors, and then either made accountable to the board itself, or to a specific officer or some other entity. The composition of the team could be left to an officer, or it could be that adding a member requires board action. But I'm speculating here.