Considering that I elaborated it instantly into "Claudia's" MBA, I think the central hotness here has to be the business suit. The glimpse of (possibly lacy) panties is just the foil for the way Claudia, perhaps under some compulsion, is raising the skirt.
Where is she? Very hard to tell, so I tried to leave it vague--nor does it matter, because whatever the setting is, it's not a place where a businesswoman should be lifting her skirt.
(I think the very mundane and arousal-killing--at least for me in this context--possibility that it's the bathroom is denied by the position of Claudia's legs. In any case, even if it's the bathroom, the position of her legs indicates that she's not about to sit on the toilet.)
So, the business-suit: together with the sensible-yet-in-this-context-ultra-hot thigh-highs, the business-suit says "This woman is powerful." At the very same time, however, her wonderfully submissive position says: "This woman can let go of her power to enjoy the pleasures of submission. She knows that to raise her skirt and reveal her lovely panties to the dominant who is lucky enough to enjoy her submissive favors does not lessen her power, but gives her an even greater power: the power to play."