Masked Lords

The Masked Lords of Waterdeep act as the city council of Waterdeep, proposing new laws and revoking old ones as needed. Their identities are a secret, although some suspect that positions might be passed down through the nobility.
Four times a year, meetings to make major changes (passing new laws, revoking old ones, levying new taxes, and so on) are held in the open - the Lords wear masks and robes to conceal their identities, but anyone living in Waterdeep may attend a meeting.
At monthly meetings, the Masked Lords debate minor changes to city laws (changing the VAT rate on sandwiches by 0.5%) and discuss city business. These meetings are held privately.
The meetings where they elect a new Open Lord of Waterdeep are held in secret, and it is also unknown how new members are chosen. Some speculate that the Masked Lords are themselves immortal and undying.
The current Masked Lords are:

• Mirt
• Esvele Rostvar 's mom
• Thardouk Starbuckler, a noble and battlemage
• Jelenn Urmbrusk 
• Dorgar Adarbrent, who races horses

Location

Waterdeep