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During the last FIDE presidential election there was some controversy. There were accusations of foul play in many guises, many of which regarded buying votes or changing who were allowed to vote.
With the current system there are less than 200 votes to contest; one from each federation. Given an even race, any candidate would win if he could get an extra 10 or 15 votes. I believe this is a weakness. If the number of votes was much larger it would be more difficult to buy enough votes to win.
I suggest a few new possible distributions of votes:
a) GM 3 votes, IM 2 votes, others elo 2000+ 1 votes, federation 1 vote.
b) GM 3 votes, IM 2 votes, federation 1 vote.
c) GM 3 votes, 2000+ 2 votes, federation 1 vote.
Or something like this. My point being to give the power to the players.